product manager and Facebook engineering manager. Investors include Benchmark Capital, Founders Fund and Generation Investment Management.
Like Facebook, Asana has two classes of stock, Class A and Class B. The shares being resold in the direct listing are Class A shares, and each is entitled to one vote. Each Class B gets 10 votes. Just as Facebook CEO Mark Zuckerberg is the biggest holder of Facebook's powerful Class B shares, Moskovitz has more of Asana's Class B shares than anyone else.
"Mr. Moskovitz could exert substantial influence over matters requiring approval by our stockholders," Asana said in Monday's filing. Moskowitz received total compensation of $1 for the fiscal year that ended on Jan. 31. The company could have raised money through a more traditional initial public offering but chose a direct listing, which was popularized byAsana is not profitable, though. It produced a $118.6 million net loss on $142.6 million in revenue for the year that ended on Jan. 31. While revenue grew almost 86% in that period, the company's loss more than doubled from $50.9 million in the prior year. For the three months that ended on April 30, the net loss was $35.
I love Asana. Great software/platform
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