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FaZe Clan fired 20 percent of its staff despite CEO touting 'incredible growth'<\/title>\n<meta name=\"description\" content=\"The CEO blamed the economy for the layoffs.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dotesports.com\/business\/news\/faze-clan-fired-20-of-its-staff-despite-ceo-touting-incredible-growth\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FaZe Clan fired 20 percent of its staff despite CEO touting 'incredible growth'\" \/>\n<meta property=\"og:description\" content=\"The CEO blamed the economy for the layoffs.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/dotesports.com\/business\/news\/faze-clan-fired-20-of-its-staff-despite-ceo-touting-incredible-growth\" \/>\n<meta property=\"og:site_name\" content=\"Dot Esports\" \/>\n<meta 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Give me a game and I'll write about it. Ranks are private information. Contact [email protected]\",\"url\":\"https:\/\/dotesports.com\/author\/harrisonthomas\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"FaZe Clan fired 20 percent of its staff despite CEO touting 'incredible growth'","description":"The CEO blamed the economy for the layoffs.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/dotesports.com\/business\/news\/faze-clan-fired-20-of-its-staff-despite-ceo-touting-incredible-growth","og_locale":"en_US","og_type":"article","og_title":"FaZe Clan fired 20 percent of its staff despite CEO touting 'incredible growth'","og_description":"The CEO blamed the economy for the layoffs.","og_url":"https:\/\/dotesports.com\/business\/news\/faze-clan-fired-20-of-its-staff-despite-ceo-touting-incredible-growth","og_site_name":"Dot 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{"id":801263,"date":"2023-02-16T23:17:38","date_gmt":"2023-02-17T04:17:38","guid":{"rendered":"https:\/\/dotesports.com\/?p=801263"},"modified":"2023-02-16T23:18:19","modified_gmt":"2023-02-17T04:18:19","slug":"faze-clan-fired-20-of-its-staff-despite-ceo-touting-incredible-growth","status":"publish","type":"post","link":"https:\/\/dotesports.com\/business\/news\/faze-clan-fired-20-of-its-staff-despite-ceo-touting-incredible-growth","title":{"rendered":"FaZe Clan fired 20 percent of its staff despite CEO touting ‘incredible growth’"},"content":{"rendered":"

FaZe Clan has laid off 20 percent of its staff, which CEO Lee Trink insists is due to \u201cuncertainty in the overall economy\u201d and an organizational focus on “financial discipline.”<\/p>

In a memo sent to staff, Trink said FaZe demonstrated “incredible growth” and that the organization’s revenue in 2022 grew 25 percent year-over-year. He also intimated that he is “optimistic about what’s ahead for [FaZe].”<\/p>

In July, FaZe became a public company<\/a>, allowing its stocks to be traded on Nasdaq stock exchange. Since its IPO, FaZe\u2019s stock has plummeted from a $20 peak to $0.68 per share (at the time of writing), and this occurrence would seem to have forced the organization’s hand. <\/p>

\u201cOur original IPO plans contemplated raising significantly more capital. That capital was intended to fund a strategy where we could take multiple shots at new opportunities. … Over the span of time while going public, we hired staff to execute on those opportunities.\u201d<\/p>

The reduction in staff, FaZe hopes, will help the organization reach its goal of profitability in the near future. FaZe\u2019s new direction seems to be focusing on \u201cdiscipline\u201d in regard to their spending. As one of the leading esports organizations that others try to emulate, this might have a larger knock-on effect than anticipated.<\/p>

Other organizations around esports, including 100 Thieves, OpTic Gaming, and Riot Games, have already made layoffs, following the lead of many tech companies.<\/p>","protected":false},"excerpt":{"rendered":"

The CEO blamed the economy for the layoffs.<\/p>\n","protected":false},"author":2130,"featured_media":700618,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"gamurs_wordpress_blocks_hide_tags":true,"_is_affiliated":false,"dotesports_deal_href":"","dotesports_featured_video":"","_notify_users":2,"apple_news_api_created_at":"2023-02-17T04:20:05Z","apple_news_api_id":"14e3bd65-c97f-43d3-95fa-d36505a0286d","apple_news_api_modified_at":"2023-02-17T04:20:05Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/AFOO9Zcl_Q9OV-tNlBaAobQ","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[43],"tags":[37],"invoiceable_action":[],"internal-label":[46551],"article_type":[44125],"coauthors":[{"id":2130,"display_name":"Harrison Thomas","user_login":"harrisonthomas","user_nicename":"harrisonthomas"}],"class_list":["post-801263","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-faze-clan","internal-label-gaming","article_type-news"],"acf":[],"yoast_head":"\nFaZe Clan fired 20 percent of its staff despite CEO touting 'incredible growth'<\/title>\n<meta name=\"description\" content=\"The CEO blamed the economy for the layoffs.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dotesports.com\/business\/news\/faze-clan-fired-20-of-its-staff-despite-ceo-touting-incredible-growth\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FaZe Clan fired 20 percent of its staff despite CEO touting 'incredible growth'\" \/>\n<meta property=\"og:description\" content=\"The CEO blamed the economy for the layoffs.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/dotesports.com\/business\/news\/faze-clan-fired-20-of-its-staff-despite-ceo-touting-incredible-growth\" \/>\n<meta property=\"og:site_name\" content=\"Dot Esports\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/DOTesports\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-17T04:17:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-17T04:18:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/dotesports.com\/wp-content\/uploads\/2022\/10\/04183850\/fazeclan-logo.png?resize=768,429\" \/>\n\t<meta property=\"og:image:width\" content=\"768\" \/>\n\t<meta property=\"og:image:height\" content=\"429\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Harrison Thomas\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta 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Thomas","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/dotesports.com\/#\/schema\/person\/image\/777cc26c176dc5537a255f36bce37c99","url":"https:\/\/dotesports.com\/wp-content\/uploads\/2022\/08\/22034211\/harry_dp.jpeg","contentUrl":"https:\/\/dotesports.com\/wp-content\/uploads\/2022\/08\/22034211\/harry_dp.jpeg","caption":"Harrison Thomas"},"description":"CS:GO, Overwatch, and Valorant Staff Writer - Played CS:GO since 2012 and keep a close eye on other titles. Give me a game and I'll write about it. Ranks are private information. Contact harry@dotesports.com","url":"https:\/\/dotesports.com\/author\/harrisonthomas"}]}},"raw_content":"FaZe Clan has laid off 20 percent of its staff, which CEO Lee Trink insists is due to \u201cuncertainty in the overall economy\u201d and an organizational focus on \"financial discipline.\" In a memo sent to staff, Trink said FaZe demonstrated \"incredible growth\" and that the organization's revenue in 2022 grew 25 percent year-over-year. He also intimated that he is \"optimistic about what's ahead for [FaZe].\" In July, FaZe became a public company, allowing its stocks to be traded on Nasdaq stock exchange. Since its IPO, FaZe\u2019s stock has plummeted from a $20 peak to $0.68 per share (at the time of writing), and this occurrence would seem to have forced the organization's hand.\u00a0 \u201cOur original IPO plans contemplated raising significantly more capital. That capital was intended to fund a strategy where we could take multiple shots at new opportunities. ... Over the span of time while going public, we hired staff to execute on those opportunities.\u201d The reduction in staff, FaZe hopes, will help the organization reach its goal of profitability in the near future. FaZe\u2019s new direction seems to be focusing on \u201cdiscipline\u201d in regard to their spending. As one of the leading esports organizations that others try to emulate, this might have a larger knock-on effect than anticipated. Other organizations around esports, including 100 Thieves, OpTic Gaming, and Riot Games, have already made layoffs, following the lead of many tech companies.","apple_news_notices":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/dotesports.com\/wp-content\/uploads\/2022\/10\/04183850\/fazeclan-logo.png","_links":{"self":[{"href":"https:\/\/dotesports.com\/wp-json\/wp\/v2\/posts\/801263"}],"collection":[{"href":"https:\/\/dotesports.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dotesports.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dotesports.com\/wp-json\/wp\/v2\/users\/2130"}],"replies":[{"embeddable":true,"href":"https:\/\/dotesports.com\/wp-json\/wp\/v2\/comments?post=801263"}],"version-history":[{"count":5,"href":"https:\/\/dotesports.com\/wp-json\/wp\/v2\/posts\/801263\/revisions"}],"predecessor-version":[{"id":801283,"href":"https:\/\/dotesports.com\/wp-json\/wp\/v2\/posts\/801263\/revisions\/801283"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dotesports.com\/wp-json\/wp\/v2\/media\/700618"}],"wp:attachment":[{"href":"https:\/\/dotesports.com\/wp-json\/wp\/v2\/media?parent=801263"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dotesports.com\/wp-json\/wp\/v2\/categories?post=801263"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dotesports.com\/wp-json\/wp\/v2\/tags?post=801263"},{"taxonomy":"invoiceable_action","embeddable":true,"href":"https:\/\/dotesports.com\/wp-json\/wp\/v2\/invoiceable_action?post=801263"},{"taxonomy":"internal-label","embeddable":true,"href":"https:\/\/dotesports.com\/wp-json\/wp\/v2\/internal-label?post=801263"},{"taxonomy":"article_type","embeddable":true,"href":"https:\/\/dotesports.com\/wp-json\/wp\/v2\/article_type?post=801263"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/dotesports.com\/wp-json\/wp\/v2\/coauthors?post=801263"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}

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