From US$1bil to almost worthless: FaZe Clan runs out of hype

Before his firing, Trink said FaZe was 'reinvigorating its roster' of online stars and reducing expenses. — Twitter/ @leetrink

Three months after its July 2022 debut on the Nasdaq, FaZe Holdings Inc threw an exclusive party at a San Diego nightclub, hiring the rapper Travis Scott to promote its stable of video-game stars and YouTube personalities.

Social-media influencers mingled with gamers in expensive streetwear. Many looked bored as they filmed the event for their online channels. Well past midnight, Scott appeared for a 15-minute show, his voice barely audible over the thumping bass. The party, which cost US$1.7mil (RM7.96mil), got the company and a sponsor’s name in hundreds of Google search results, YouTube videos and Instagram stories. Lee Trink, FaZe’s chief executive officer at the time, hailed the event as a great success.