FaZe Clan reportedly laid off 40% of their staff on Friday, months after the public company carried out a massive round of staff reductions. <\/p>\n
FaZe Clan announced that they were cutting down their workforce by around 40% due to the economic downturn and their significant losses since going public. The company went public in 2022 amid much criticism from the gaming and esports communities as well as previous employees. <\/p>\n
FaZe have experienced significant losses since then and, over the course of 2022, reported $53 million in losses. They were valued at $725 million last year; however, their current stock price sits at $0.58, falling 73% in two months last year. <\/p>\n
The recent layoff news comes months after the company parted ways with around 20% of their staff in February. FaZe staff affected by the recent cuts were reportedly notified of their new employment status at 10:01 a.m. on May 19.<\/p>\n
In an email to the staff obtained by Digiday, FaZe CEO Lee Trink assured them that the company were still focused on their goals but wanted to face short-term aspirations for now.<\/p>\n
\u201cThis does not mean that we are abandoning the aspirations we have for FaZe \u2014 we are simply setting some of our larger goals aside so we can put our heads down and focus on what\u2019s directly in front of us,\u201d the email read.<\/p>\n