Doordash Founder Net Worth: As a Chinese immigrant, Tony Xu had difficulty adjusting to life in the United States. His family had to rely on a federal aid program, they worked many jobs to make ends meet, and they even thought going to McDonald’s was a “luxury.”
Tony is the co-founder and CEO of the food delivery company DoorDash, and according to Forbes, his net worth has increased to over $3 billion. This is proof positive that perseverance and hard work can pay off.
Read More:
What Is Tony Xu’s Net Worth?
Tony’s wealth increased dramatically after DoorDash’s IPO in 2020. According to Forbes, he currently has a $1.3 billion estimated net worth. Two years ago, he was only earning about $300,000 annually.
Tony declared that making money would be his primary goal just before the Covid-19 epidemic reached the United States. In June 2020, DoorDash secured $400 million in Series H funding. Although DoorDash is still working to achieve balance and profitability, the company had grown by 226 percent by December 2020, and Tony just mentioned that it would continue to grow through 2022.
“And then you look at growth in new categories of groceries, convenience, and retail, all of these things combined, and you add on top of that the other investments we are making, whether it’s our Volt business… that’s growing 50% year on year… and then you look at growth in new categories of retail, all of these things combined, we’re building the defining business of local commerce,” he continued.
Who Is The Owner Of Doordash?
Early in 2021, DoorDash decided to go public, and its valuation surged to US$32 billion. According to CNBC, Tony, 36, became a billionaire due to a successful public offering and now controls more than 5% of the company. CEO Tony Xu is the largest shareholder in DoorDash, with a 5.2 percent stake in the business. Next to Tony are the other two co-founders.
Andy Fang is the chief technology officer, and Stanley Tang is the chief product officer. Stanley and Andy both own 4.7 percent of the business. The history of DoorDash begins with the persistence of immigrants. Tony is a first-generation American who left China at age five and came to live in the United States. The Xu family reportedly brought only $200 when they immigrated to America.
Tony’s mother owned a restaurant on her own. He had plans to launch a business that catered to small local businesses all around the world. DoorDash was created by Stanley, Andy, Tony, and Evan Moore.
They met at Stanford, and by 2013, the business was operational. Tony’s parents put a lot of effort into getting him into a prestigious school. Tony attended Berkeley University for his undergraduate work before attending Stanford for his MBA. He brainstormed the idea for DoorDash with his business school classmates.
Before launching DoorDash in 2013, Tony worked as a Domino’s delivery driver, a lawn-mowing business owner, and even as a dishwasher in a restaurant. His early exposure to adversity undoubtedly helped him succeed financially in the end.
When DoorDash was still in its infancy, Tony and his classmates were interested in learning more about the food delivery industry. Tony after worked as a delivery driver for FedEx and Domino’s Pizza. He posted on Substack, saying, “We learned a few intriguing observations. It was challenging for a small business to determine how many required drivers.
Leave a Reply