Legendary Rapper and Entrepreneur, Snoop Doggalso known as Calvin Broadus Jr.has resigned from his position on the Board of Directors FaZe Clan FAZE, the well-known North American esports organization. The company has this information in a submission with the Securities and Exchange Commission (SEC).

Effective immediately, Snoop’s departure from the board means he no longer serves in any capacity within the organization.

See also: The Rise and Fall of FaZe Clan Stocks: The Most Influential Esport in Penny Stock Territory

“On March 29, 2023, Calvin ‘Snoop Dogg’ Broadus, Jr. notified FaZe Holdings Inc. that he was resigning from the Company’s Board of Directors, effective immediately. Mr. Broadus’ resignation was not the result of disagreements with the Company or any of its subsidiaries,” the document said.

Snoop joined FaZe Clan in March 2022 as a content creator and board member, one of the most prominent figures in the gaming, music, sports and entertainment industries. In the past year, however, the company has changed significantly since then IPO in summer 2022.

On August 30, 2022, FaZe Clan shares peaked at $24.69, but the company’s fortunes took a sharp turn for the worse when the stock plummeted to $0.37 on March 10, 2023.

FaZe Clan’s current market cap is estimated to be between $30 million and $40 million, which pales in comparison to the company’s previous valuation of $1 billion. Additionally, the company reported a significant overall loss in its 2022 financial statements.

Additionally, the organization faces a potential delisting from the NASDAQ after the exchange announced that the company’s stock could be removed if its value does not remain above $1 for 10 consecutive days. The announcement was made in late March and FaZe Clan has 180 days to comply. Seemingly, FaZe is considering a move to privacyand encountered difficulties.

Price promotion: Shares…