FaZe Clan is going through a tough time. The gaming and entertainment organization has endured financial woes since it debuted as a public company last year. The latest blow to its morale came from long-time members Nordan Shat (aka FaZe Rain) and Jakob Swaerden (aka FaZe Teeqo), whose criticisms of FaZe Clan operations have been echoed by YouTube megastar MrBeast.
When FaZe went public last July, its stock was available for about $13 per share. The company’s fortunes changed when its investors defaulted on the majority of the $100 million that was supposed to be delivered as liquid capital. That development contributed to FaZe’s decision to go through a round of layoffs, which sent its stock price plummeting even further. At the time of this post, FaZe’s stock price is listed at 46 cents per share.
These financial woes have bred discontent up and down the FaZe Clan talent roster. Shat claimed that the company has under-compensated him for branded content, and he has threatened legal action. Swaerden followed up those criticisms by taking FaZe to task on his personal YouTube channel. “Someone else can come in as late as last year, who’s not from this industry, never lifted a finger for FaZe, probably didn’t even know what FaZe was, and get three times the amount of shares that I have, and an annual salary that’s more money than I’ve ever been paid by FaZe,” Swaerden said in his video.
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Both Shat and Swaerden once lived in the original FaZe Clan house on Long Island. At the time of this post, they are both still listed as official members of the organization. Tubefilter has reached out to FaZe representatives and will update this post with any statements from the company.
FaZe’s public response to these callouts has taken it to Twitter. A tweet on the official FaZe Clan account expressed remorse for the company’s failings and called on the FaZe “OGs” to “sit down together soon.” And that’s where MrBeast comes in.
They should be the people in charge. When I visited not a single person I met had any idea how to make a good piece of content 💀
— MrBeast (@MrBeast) March 22, 2023
MrBeast (real name Jimmy Donaldson) added a dig at FaZe’s lost potential. But not all creators are responding with mockery. Some, like 100 Thieves CEO Matthew ‘Nadeshot‘ Haag, are fearing the effect a FaZe collapse might have on the gaming industry. “Let me tell you this, and let me be abundantly clear,” Haag said on his stream. “You could say it’s their own doing, and they f**ked us by jumping in and giving that a shot. Their lack of success on the market is a terrible thing for the esports industry.”
