NEW: Asana Loses Its Sugar Daddy as Moskovitz Quits, Stock Implodes - 28% as Investors Panic…

Asana investors woke up on Tuesday feeling like they got hit by a mack truck—a 25% drop in after-hours trading will do that to you. The reason? Dustin Moskovitz, Asana’s CEO, co-founder, and primary financial sugar daddy, is calling it quits.

(Source: Giphy) 

In short, the guy who helped build Facebook, then took his billions and started a task management company for people who love color-coded to-do lists, is finally going to touch grass. He’ll transition to chairman once a new CEO is found, but still this isn’t any CEO stepping down here. 

The problem is that Moskovitz is Asana. He owns 53% of the company’s outstanding shares, meaning he’s been the one propping it up with his own money every time things got rocky. He’s also been aggressively buying shares since Asana went public in 2020, even as the stock got obliterated during the tech sector’s sell-off—which ultimately comes down to the fact that, without him at the helm (and his willingness to keep cutting blank checks), investors are realizing that… gasp…Asana might actually have to survive on its own. 

(Source: CNBC) 

Which honestly, isn’t a great realization when your stock is already down 88% from it's all-time highs and your latest earnings report came with a big, “I’m not mad, I’m just disappointed” guidance. 

To be fair though, Asana’s Q4 results were fine, but not enough to save the stock from the Moskovitz bombshell. For instance, the company who took micro-management and injected it with steroids reported revenue of $188.3 million, up 10% YoY, and right in line with expectations. Adjusted EPS was breakeven, which is technically a win since analysts expected a loss—however, the guidance for Q1 was weak—as revenue is projected at $184.5M to $186.5M, below Wall Street’s $191M estimate. 

(Source: TipRanks) 

But again, none of that really mattered, though, because the only thing investors heard was Moskovitz saying, “Ight imma head out”. Naturally, the man himself says he’s stepping back to focus on philanthropy, specifically his Good Ventures fund and Open Philanthropy, which—get this—researches “potential risks from advanced AI.” Translation: he’s worried about AI wiping out humanity, but he’s totally fine watching Asana’s stock get obliterated in real-time.

What’s more is that he’s already given $30 million to OpenAI through his foundation (or as Marky Mark and the Meta bunch call it, absolute betrayal). So I can only assume this dug the knife deeper for investors as it’s now clear Moskovitz is actually putting his money elsewhere, in places not named Asana.

(Source: Gipihy) 

So yeah, in the end, Asana without Moskovitz running the show (and bankrolling the company) is a much riskier investment than it was yesterday. The stock tanked because investors are realizing that without Daddy Dustin pumping money into the company, Asana is just another unprofitable SaaS stock with no real moat. Meaning, if the new CEO doesn’t inspire confidence fast, this thing could keep bleeding (a.k.a. Just like everything else these days).

In the meantime, keep an eye on Asana and place your bets accordingly, friends. As always, stay safe and stay frosty! Until next time… 

P.S. Word on the street is that as early as yesterday, a high-ranking Managing Director—one with potential Warren Buffett ties—just dumped nearly $10 million worth of shares on a certain aerospace company. What’s behind the sudden cash-out? Panic? A strategic move? Something way juicier? Stocks.News premium members will get the full breakdown later today. Don’t get left in the dark—click here to join the cool kids who actually know what’s going on.

Stocks.News holds positions in Meta as mentioned in the article.