FaZe Banks Reveals $11.5M Loan for FaZe Clan Revamp on Podcast
3 min read
Screenshot Via YT@steveotelevision
Richard Bengtson, popularly known as “FaZe Banks,” recently made headlines by revealing that he took out a staggering $11.5 million loan to overhaul FaZe Clan. The esports mogul shared this information during an appearance on episode 226 of Steve-O’s Wild Ride! podcast. During the conversation, the 32-year-old detailed the financial challenges faced by the organization and his plans for its future.
FaZe Banks described the financial state of FaZe Clan before he stepped in as CEO, highlighting a massive monthly expenditure of $6 million. He expressed frustration over the mismanagement of funds, stating, “My whole thesis on this FaZe st, especially like, 18 months ago, when he had fking 100+ employees and the burn rate was… at one point, these motherfkers were spending $6 million a month. On what? I would always say, ‘Give me $6 million a month, I could take over the fking planet!’ I really feel that way. They’re fking doing goat yoga in the offices and s
When asked about the difficulty of letting go of numerous content creators, FaZe Banks was candid about the necessity and ease of the decision, given the financial pressures. He explained, “Firing people was hard or easy for you? So easy! Oh, yeah! I’m at the point where, like, I’m all out of favors, man. I just borrowed $11.5 million to f**king get this done, and like, maybe the favors will turn back when I pay that back.”
FaZe Banks talks about taking out a $11.5M loan for the new FaZe and why he fired over 100 people during the revamp 👀pic.twitter.com/YWEClAapWc
— ryan 🤿 (@scubaryan_) August 2, 2024
Reflecting on his career, FaZe Banks admitted to repeatedly placing his trust in the wrong individuals, which contributed to the organization’s struggles. He lamented, “My whole f**king career, it’s been one hand out after the other. Trusting the wrong person over and over and over. And, I have always deep down known. You know what I mean?”
Despite the challenges, FaZe Banks emphasized the importance of a tight-knit, efficient team. He stated, “Again, I just need me and my fking homies. And maybe fix, six, seven, eight people behind the camera. You know what I mean? Helping me f
Looking ahead, FaZe Banks revealed plans to further downsize the organization, indicating a desire for a leaner, more manageable operation. “I think there’s, like, 20-something (employees). But I want to cut it down even more, honestly. I think it’s 20 or 30 (employees),” he remarked.
This revelation from FaZe Banks underscores the tumultuous state of FaZe Clan and the drastic measures being taken to ensure its survival and future success. As the esports industry continues to grow, the actions taken by its leaders, like FaZe Banks, will undoubtedly shape its trajectory.
Shivam Kumar
Hi, I'm Shivam Kumar. I'm pursuing Journalism honors from the IP University. I love the skill of writing and looking forward to learn more of it. Also I love traveling and experiencing new things every day....
