Esports: FaZe Clan goes public on NASDAQ with a valuation of USD 725 million.

FaZe Clan announced their intention to go public with a valuation of USD 1 billion with a deadline of the first quarter of 2022. They missed their original deadline and valuation target but went public with a valuation of USD 725 million after a short delay.

It is the first organization of this type to be listed on a stock exchange and marks a significant milestone for the esports industry and FaZe Clan. However, the SPAC deals usually lead to poor results for the investors. The stock under the ticker 'FAZE' was listed at a price of USD 13 per share but has dropped to USD 9.58 as of July 24. Despite a disappointing performance from the share price, the development is a big step for the esports industry into the mainstream.

FaZe Clan is the fourth most valuable esports organization behind TSM, 100 Thieves and Team Liquid. They have a strong following of around 500 million users worldwide, with 80% of the fans between the ages of 13 and 34. FaZe Clan has been valued at USD 1 billion in combination with partner firm B. Riley Principal 150 Merger Corp, according to Forbes. The estimated value has risen by approximately 31% since 2020.

As the esports industry continues its exponential growth in popularity and monetary value, FaZe will be at the forefront, spearheading the charge. The esports organization was founded by Eric Rivera, Jeff Emann, and Ben Christensen on May 30, 2010. The organization is currently headquartered in Los Angeles, California.

FaZe Clan boasts top-quality esports talents, including streamers, players, championship standard teams, and content creators under their umbrella.

After the listing, the CEO of FaZe Clan, Lee Trink, said, "As this generation rises to economic power and influence, FaZe will continue to use its voice to pioneer and innovate at the intersection of technology, entertainment, and culture. We thank our partners at B. Riley and look forward to engaging with our shareholders. FaZe Up!"