FaZe Clan, one of the biggest esports clubs in the world, continues to go bad. The founders and major investors of the organization put their shares up for sale.
Established in 2010 FaZe ClanOver the years, it has managed to become one of the most successful esports clubs in the world. It even went public by listing on the New York stock exchange. However, after that, the share value dropped drastically and things went wrong for the club. not going very well started.
As the bad situation continued, last month, Snoop Dogg, who was at the helm of FaZe Clan, decided to step down. Today, another news came from the club.
Club’s founders and major investors sell their shares
According to the information revealed today, FaZeClan’s its founders and major investors are selling their shares took it out. The news, which emerged through a filing with the US Securities and Exchange Commission (SEC), came amid the club’s stock market woes after going public.
The value of the organization reached 1.86 billion in August 2022, and fell to 35 million dollars in the following months. Share price, which hit $ 20 in the summer, today from $0.53 is being traded. FaZeClan reported a loss of $168.5 million in the fiscal year it left behind in March.
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Among the people who will sell their shares are prominent names such as CEO Lee Trink and Snoop Dogg. It is also said that the company will not receive any income from the sale of shares, and the money will go to the largest shareholders.