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Asana co-founder and CEO Dustin Moskovitz has bought more than $1 billion worth of the company’s stock since last June.
Courtesy Asana
In what is likely the most aggressive run of insider stock purchases ever,
Asana
CEO and co-founder Dustin Moskovitz has bought more than $1 billion of the company’s stock since last June.
During the buying spree, which has picked up steam in recent weeks, Moskovitz purchased 15.8 million shares of Asana’s Class A stock for $1.02 billion, according to filings with the Securities and Exchange Commission. The purchases represent about 16% of Asana’s Class A shares outstanding.
Ben Silverman, director of research at InsiderScore, which tracks stock activity from corporate insiders, says it appears to be the first time a single insider has bought $1 billion worth of stock in a non-buyout scenario. The firm’s data goes back to 2004.
Moskovitz, a
co-founder, started Asana (ticker: ASAN) in 2008.
His latest string of purchases—exactly 7 million shares from Dec. 30 to Feb. 4 for more than $400 million—came in the wake of a sharp decline in Asana shares. The stock has rebounded in the last week.
Asana declined to discuss the stock price volatility and said that Moskovitz couldn’t comment on his purchases given a quiet period heading into the company’s earnings report on March 9.
According to SEC filings, all of the purchases since mid-2021 were made under a 10b5-1 trading plan, an automated program intended to keep executives from trading on insider information.
Moskovitz now holds 16.6…
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