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Dustin Moskovitz, who served as the CEO of Asana and was a co-founder of Facebook, is set to retire from the software firm he established in 2008. This announcement was made on Monday during Asana’s fiscal fourth-quarter earnings report, where the company revealed that it is in the process of selecting a new CEO with the assistance of an executive search firm. Moskovitz has informed the board of his plan to shift to the role of Chair once his successor takes over.
“Reflecting on my nearly 17-year journey since I co-founded Asana, I feel an overwhelming sense of gratitude,” Moskovitz shared in a statement. He emphasized that building and leading Asana has been more than just a professional undertaking; it has been an honor to collaborate with some of the industry’s most brilliant individuals.
In its earnings report, Asana stated that fourth-quarter revenue increased by 10% year-over-year, reaching $188.3 million, aligning with the expectations set by analysts. Moreover, the company reported adjusted earnings per share that broke even, surpassing forecasts of a one-cent loss.
Looking forward, Asana anticipates first-quarter revenues between $184.5 million and $186.5 million, which fall short of analysts’ projections of $191 million. Following the earnings report, Asana’s stock experienced a drop of over 25% in after-hours trading.
Moskovitz holds approximately 53% of Asana’s outstanding shares across his Class A and Class B stock holdings. His stake in the company has grown notably since its debut in the public markets in 2020.
In a recent conversation with CNBC, Moskovitz commented on the tech sector’s fluctuations over the past two years, noting that “it’s been a wild two years in the market and there have been some interesting buying opportunities.”
According to Forbes, Moskovitz’s net worth exceeds $16 billion, largely due to his early investment in Facebook. In light of his retirement, he expressed a desire to dedicate more time to his philanthropic initiatives, including Good Ventures and Open Philanthropy. These organizations focus on various critical issues, including the “potential risks from advanced AI.” In 2010, Moskovitz committed to the Giving Pledge, vowing to donate the majority of his wealth to charitable causes.
Good Ventures, co-founded by Moskovitz and his wife Cari Tuna, has been active in philanthropic efforts, notably donating $30 million to OpenAI, the organization behind ChatGPT, over a period of three years starting in 2017.
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