Dustin Moskovitz co-founded Meta Platforms Inc (NASDAQ:FB) with Mark Zuckerberg at Harvard in 2004. Moskovitz worked for then Facebook for a few years before leaving in 2008 to co-found Asana Inc (NASDAQ:ASAN) with Justin Rosenstein.
Asana’s mission was simple: to provide a tool to increase productivity and efficiency within the 21st century workplace. In a lot of ways, Moskovitz’s vision for a more efficient online workplace would come to fruition years later, when the COVID-19 pandemic caused millions of workers to pivot from in-person work to remote work.
Asana, like a lot of other Software-As-A-Service (SaaS) companies, rode this major tailwind and the company's share prices soared. Asana’s stock was publicly listed in October 2020, already months after COVID pushed workers online.
Despite being “late”, Asana’s stock still soared, climbing from $25 in October to highs of more than $140 a year later in October 2021.
Now, here’s where things get interesting. Moskovitz is no slouch, his net worth is reportedly more than $10 billion, a lot of that coming from his stake in Meta Platforms. Moskovitz deployed a lot of this wealth, directly into Asana’s stock.
Starting in June 2021, Moskovitz began adding to his position in Asana, at first buying “just” $20 million worth of shares. But as the weeks and months continued, so did his purchasing.
Since that purchase in June 2021, Moskovitz has added more than $1 billion worth of stock to his holdings, including a single purchase in December 2021 worth nearly $90 million. You can track all of Moskovitz’s (and other executives') trades here.
Asana was trading up 11.13% at 49.41 on Wednesday afternoon, the company reports earnings after the close.
