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In a letter filed through the United States Securities And Exchange Commission (SEC), Snoop Dogg stated he was resigning from Faze Clan’s board of directors “effective immediately”.
Snoop Dogg joined Faze Clan’s board of directors in March 2022, and his responsibilities included creating content for the org, launching Faze-related merchandise and participating in “key business initiatives”.
However, Faze Clan has struggled with tumultuous finances since going public on the stock exchange in July 2022. Though the group expected a valuation of roughly £801million ($1billion) when it went public, Faze Clan is now a penny stock — meaning its stock is valued at under a dollar.
The organisation, a lifestyle brand made up of content creators and esports competitors, has been warned that it must turn its finances around before September 2023 or face being delisted from the stock market.
Last month, the company reported losing £53million, and reportedly laid off around 20 per cent of its staff in February (via Business Insider).
As for how Snoop Dogg became a member of Faze Clan, the rapper has explained that his son, Cordell Broadus, introduced him to the outfit.
“The youth identifies with their brand and that’s something my son Cordell knew, which is why he brought us together,” he said.
Last year, Kai Henry – Faze Clan’s chief strategy officer – said the company had “exciting plans to create content together in the metaverse” with Snoop Dogg.
Earlier in the week, Snoop Dogg showed off his wrestling skills when he elbow-dropped The Miz at Wrestlemania 2023.