FaZe Clan has done what seemingly no esports and content creation group has done so far: they have gone public. FaZe Clan began trading on the Nasdaq on Wednesday under the stock ticker FAZE. That ticker is as loud and obvious as you would expect from FaZe Clan. The company, after merging with B.Riley Principal 150 Merger Corp. via SPAC, launched with a $750 million valuation. That’s down from the initial valuation of $1 Billion back in October when the merger was first announced.
Unfortunately for FaZe Clan, the launch was not exactly ideal. Prices dropped 25% almost immediately. The stock has slowly crept back up but it is nowhere near back to where it started. SPACs have become infamous these last few years as brands go public and immediately lose value. It’s not the best news, but FaZe Clan is a brand with a strong following. Their audience consists mainly of Gen Z and Millenials between the ages of 13 and 34. If their influence continues to grow, the money will follow in merchandise, esports sponsors, and ad revenue from views.
Image from: Adweek.com