Moskovitz Dreams of a Green Future
$350 million purchase. One of the largest insider purchases ever by an individual insider. Dustin Moskovitz, a co-founder of Facebook, has been making huge bets on his new venture Asana, Inc. (ASAN). ASAN is a software company building a work management platform. His $350 million dollar play is the most recent of 15 purchases, each tens of millions in total value, he's made since December 2021.
Big Money, Big Dreams! Currently down 64% on the year, the stock has popped 33% since last Wednesday. Along with Moskovitz’s purchase, the company reported surprise earnings blowing past expectations. Moskovitz is giving the company a huge vote of confidence and a huge stack of cash. The $350 million was private placement meaning it’s a capital raising sale of stock. This gives ASAN a ton of money to work with, especially for a company that expects only $546 million in total revenue for the year. However, ASAN has never been profitable, a common theme among high growth tech stocks. Most recently, reporting a loss per share of $0.34 (above expected of -$0.39). Will this dream of profitability be realized, or will they squander all that cash?