Twilio and Asana first to dual-list shares on Long-Term Stock Exchange
- Dan Primack, author of Axios Pro Rata
Illustration: Rebecca Zisser/Axios
Twilio (NYSE: TWLO) and Asana (NYSE: ASAN) each agreed to dual-list their shares on the Long-Term Stock Exchange, becoming the first companies to do so.
Why it matters: LTSE eschews short-term gains in favor of longer-term values like ESG and transparency, and these initial listings could give other companies the confidence to sign on.
Backstory: LTSE founder and "The Lean Startup" author Eric Ries has known Twilio CEO Jeff Lawson and Asana CEO Dustin Moskovitz since their companies were being formed, and LTSE began officially working with their teams in Q4 of last year.
Context: Twilio is a cloud communications platform with a $67 billion market cap, while Asana is a project management platform with a market cap just shy of $10 billion.
The bottom line: "Both companies are very stakeholder-oriented, in their own ways. Their missions are expansive and the people who work there think in a non-ironic way that they're making the world a better place." — Eric Ries to Axios