Insider Weekends: Dustin Moskovitz Purchases Asana Through a Private Placement

Welcome to edition 636 of Insider Weekends. Insider buying increased significantly last week with insiders purchasing $436.83 million of stock compared to $37.62 million in the week prior. Selling also increased to $631.78 million compared to $582.18 million in the week prior. A majority of this increase in insider buying was driven by a large purchase of project management software company Asana (ASAN) by its CEO Dustin Moskovitz in a private placement. The company issued new shares to Mr. Moskovitz at a price of $18.16 per share to generate $350 million for working capital and other corporate purposes. About a year ago, Mr. Moskovitz was actively purchasing shares of Asana at prices sometimes approaching $100 per share. Despite the nearly 34% gain in the stock during the last five days after the company released earnings that beat expectations, the stock is still down 75% over the last year as the company continues to post losses and growth decelerates. Unlike certain SaaS companies that post net losses but are cash flow positive, Asana is posting negative cash flows having burnt through $164 million in cash during the trailing twelve months. At this rate, the company would have been out of cash...

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