DoorDash IPO Makes Immigrant CEO Tony Xu Billionaire

 

 

America is considered to be the land of dreams and who better to dream of a better future than an immigrant’s son?

CEO and Founder of DoorDash Tony Xu is going to become a billionaire at the young age of 36. The son of Chinese immigrants, Xu moved to the US from Nanjing in 1989, when he was five years old. The family settled in Champaign, central Illinois with “only a few hundred dollars in our pockets,” according to Xu.

Today, Wednesday, food delivery service DoorDash launched its IPO. It’s is going to be valued at almost $32 billion dollars, making its founder and CEO Xu a young billionaire as his approximately 5% stake will be worth almost $1.6 billion.

He changed his name from Xu Xun to Tony Xu, taking the first name of his favorite American TV character Tony, of the popular show “Who’s the Boss?” Tony Danza was the lead actor in this show.

At Stanford Xu and his three classmates Stanley Tang, Andy Fang and Evan More started the business that eventually became DoorDash. They developed a prototype of a website in a day. They began getting food delivery orders on their cell phones after they had posted the PDF menus of eight local restaurants.

The service grew by leaps and bounds during the pandemic and reported a revenue of $1.9 billion at the end of September 2020. The company also has a net loss of $149 million and has not as yet turned a profit.

Image Wikimedia

Source CNBC

DoorDash Inc (DASH)
NYSE – NYSE Delayed Price. Currency in USD
189.51+87.51 (+85.79%)
At close: 4:00PM EST


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