Shares of Asana (ticker: ASAN) continued to skyrocket as Dustin Moskovitz, the company’s co-founder and chief executive officer, increased his surprising purchase of asana stock. Moskovitz purchased $1.02 billion of Asana stock from mid-June to early Feb, a purchase grab that could be the largest case of insider stock buying in history.
According to Ben Silverman, the director of research at InsiderScore, a company that tracks stock activity from corporate insiders, said the move by Moskovitz looks like the first time a single insider has made such large stock purchases in a non-buyout scenario.
More data seems to indicate that Moskovitz has ramped up his Asana stock purchases in recent trading days. Towards the end of last week, a new filing with the Securities and Exchange Commission indicated Moskovit’s added purchase of 1.25 million shares, making a combined volume of $79 million.
Moskovitz, a billionaire who was one of Facebook’s co-founders, accounted for nearly 7% of the trading volume witnessed with the Asana stock last week. Including the additional purchases, Moskovitz currently has invested $1.1 billion of his own money. Asana has a market capitalization of $12.1 billion. Together with the shares held in a trust, Moskovitz owns close to 22 million of the company’s class A shares, or about 22.5% of the outstanding total, on top of nearly 68 million of the company’s super-voting Class B, roughly 76% of the total outstanding.
According to data from the SEC, all the purchases since mid-2021 were made under the 10b5-1 trading plan, an automated program that prevents executives from trading on insider information.
On Monday, Asana shares rallied 6.8% to $65.73. The stock has gained nearly 43%.