This morning, FaZe Clan announced that they will become a publicly traded company after merging with B. Riley Principal. Through negotiations, FaZe Clan was able to secure a valuation of $1 BILLION...insane to think that this all started in 2010 from a group of friends trick-shotting in Call of Duty to becoming worth a billion dollars.
These acquisitions take some time to finalize and hit the market, so FaZe Clan is targeting early 2022 to be listed on the NASDAQ under the ticker "FAZE" (FaZe Holdings, Inc.).
This year, FaZe will do about $50 Million in revenue and is still not yet profitable. Joe Pompliano breaks it down below:
My two biggest questions following this massive announcement:
1) Will the culture of FaZe Clan change now that they have a responsibility to their share holders to maximize profit?
2) Which esports orgs will follow suit and go public?
My best guess - 100 Thieves.