Doordash Founders to Sell 6.6 Million Shares of Stock

<p>Doordash&comma; the nation&&num;8217&semi;s leading food delivery service&comma; says its three co-founders will sell a combined 6&period;6 million shares of stock by this spring&period; At current share prices&comma; the trio could reap over &dollar;369 million after the sales&period;<&sol;p>&NewLine;<p>CEO Tony Xu&comma; Chief Technical Officer Andy Fang&comma; and Chief Product Officer Stanley Tang &&num;8212&semi; all Stanford grads and the three co-founders of DoorDash &&num;8212&semi; are selling shares via a stock trading plan in accordance with Rule 10b5-1 of the Securities and Exchange Act of 1934&comma; as amended&comma; and the policies of DoorDash regarding stock transactions&period;<&sol;p>&NewLine;<p>Mr&period; Xu&comma; Mr&period; Fang&comma; and Mr&period; Tang each have unexercised options that expire on June 25&comma; 2024&period; The trading plans were adopted in order to allow Mr&period; Xu&comma; Mr&period; Fang&comma; and Mr&period; Tang to sell DoorDash Class A common stock acquired through planned option exercises in advance of such options expiring&period; Under these trading plans&comma; Mr&period; Xu&comma; Mr&period; Fang&comma; and Mr&period; Tang intend to spread their dispositions of DoorDash stock over a period beginning in February 2023 and ending between February 2024 and June 2024&period; All sales under Mr&period; Xu’s&comma; Mr&period; Fang’s&comma; and Mr&period; Tang’s trading plans are subject to volume limitations&comma; pursuant to Rule 144&comma; which limit the number of shares that can be sold in any three-month period&period;<&sol;p>&NewLine;<p>Under the terms of the new trading plans&comma; Mr&period; Xu intends to sell up to approximately 2&period;2 million shares of Class A common stock&comma; Mr&period; Fang intends to sell up to approximately 2&period;0 million shares of Class A common stock&comma; and Mr&period; Tang intends to sell up to approximately 2&period;4 million shares of Class A common stock&period;<&sol;p>&NewLine;<p>According to the company&&num;8217&semi;s most recent proxy statement&comma; CEO Tony Xu earned &dollar;300&comma;000 in base salary for 2021&period;<&sol;p>&NewLine;<p>Doordash went public in December 2020 and priced at &dollar;102 per share&period; Shares reached as high as &dollar;245 in November 2021&period;<&sol;p>&NewLine;<p>The stock was trading at above &dollar;56 per share Tuesday&comma; up 16&percnt; year-to-date but down 49&percnt; over the past year&period;<&sol;p>&NewLine;