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Asana CEO Dustin Moskovitz said he believes the company’s shares are undervalued.
Courtesy Asana
Asana
shares were trading higher late Wednesday after founder, chairman, and CEO Dustin Moskovitz disclosed plans to buy up to 30 million shares of the project management software company’s Class A common stock.
That is a commitment that at current levels would be close to $700 million.
Asana (ticker: ASAN) shares spiked 29% on the news, to $23.
According to a filing with the Securities and Exchange Commission, Moskovitz will buy the stock under a structured trading plan, with purchases to run between June 8 and Dec. 29 of this year.
Moskovitz said Wednesday on the company’s earnings call with analysts that he believes Asana’s shares are undervalued.
Moskovitz already holds a huge position in Asana shares—as of September, he held the equivalent of 112.5 million Class A shares, for a 58.3% stake in the company. Asana has 127.3 million Class A shares, and 85.5 million supervoting Class B shares, the company’s securities filings show. Last year, Moskovitz paid the company $350 million in a private placement of Asana shares.
In a buying spree in 2022, Moskovitz at one point spent just over $1 billion adding to his position in the company’s stock under a similar structured trading plan to the one announced today.
Forbes estimates that Moskovitz has a net worth of $8.8 billion, most of that tied to an estimated 2% stake in
parent Meta Platforms (FB). Moskovitz co-founded Facebook in 2004 with Mark Zuckerberg, Eduardo Saverin, and Chris Hughes. He served as…
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