FaZe Clan is flaming out on Nasdaq as Chairman resigns

Esports team and lifestyle company, FaZe Clan went public in July 2022 through a SPAC merger at a $725 million valuation. While it’s not the only public esports team, the company is the highest profile — and highest valuation — of the bunch.

However, public scrutiny has not been kind to FaZe Clan. The stock price has plummeted by approximately 97% since it virtually guaranteed its listing via a SPAC (special purpose acquisition company) merger. While esports companies have struggled, none have fallen as far as FaZe.