FaZe Clan (NASDAQ:FAZE) stock just started trading today after the e-sports team completed a special purpose acquisition company (SPAC) merger with B. Riley Principal Commercial Capital.
Let’s go over everything investors need to know about that news below!
- First off, FaZe Clan is a group that started back in 2010 by posting gameplay clips online.
- Following this, it expanded out into the e-sports scene and also offers its own merchandise line for fans.
- Over the past 12 years, the group has seen tremendous growth with more than 500 million followers.
- FaZe Clan plans to use the funds from its SPAC merger to fuel its future growth plans.
- That includes expanding its business to new areas, such as gambling, fan clubs, and other sources of potential revenue.
- FaZe Clan also has an interest in Web 3.0, a proposed new form of interest that makes use of blockchain technology.
- The company hopes that this would allow it to reach fans without the need for social media and introduce new ways to generate money.
- That includes an interest in play-to-earn games that could have fans earning non-fungible tokens (NFTs) connected to the company.
- The group has also dealt with controversy in the past few years that include a crypto scam, slurs, and more.
- To avoid these in the future, it’s set up a FaZe Clan Academy for news streamers to learn proper ways to communicate with their audiences.
FAZE stock is down 29.7% as of Wednesday afternoon.
There’s more stock market news worth reading below!
InvestorPlace has all the latest stock news for Wednesday. That includes what’s going on with Amazon (NASDAQ:AMZN), Sundial Growers (NASDAQ:SNDL), and Novavax (NASDAQ:NVAX) shares today. You can read more on these matters at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.