DoorDash Founder Xu: From Dishwasher to Billionaire

DoorDash is reminiscent of Facebook: From a student project to a billion-dollar company – Co-founder and CEO Xu becomes a billionaire.

5/29/2024, 7:24 PM
Eulerpool News May 29, 2024, 7:24 PM

Tony Xu, co-founder and CEO of DoorDash, has an impressive success story. The NASDAQ-listed company has made the 39-year-old a billionaire and is reminiscent of the corporate history of Facebook, the epitome of the American Dream.

Xu was born in China in 1984 and immigrated to the USA with his family five years later. His parents took jobs at a local restaurant because his mother's medical license, which she obtained in China, was not recognized. His father also studied aerospace engineering and applied mathematics. Money was always tight, Xu told CNBC before the IPO.

Here is the heading translated to English:

"Already at the age of nine, Xu earned some money with a creative lawn mowing concept. This early entrepreneurial experience seemed to have reinforced young Xu in his ambitions. Education was a top priority for his parents, so Xu earned a degree in industrial engineering from the Universities of California and Berkeley, and also completed an MBA at Stanford University."

Sure, here's the translated heading in English:

"During his studies at the Graduate School in Stanford, Xu, along with three fellow students, founded an online service aimed at simplifying orders at local restaurants. Thus, PaloAltoDelivery.com was created in 2012. The code for the site was reportedly developed within a day, enabling immediate acceptance of orders. The founding team handled the first hundred deliveries themselves, primarily at night, as they still attended university during the day."

Here is the translation of the heading to English:

"The next important step was the entry of Y Combinator, which invested 120,000 US dollars, in 2013. The name of the startup was also changed to DoorDash at this time, and new team members were hired. In 2014, DoorDash reportedly raised almost 20 million US dollars in venture capital, as almost 1,000 restaurants in the Bay Area and Los Angeles were listed. With nationwide expansion, investors such as SoftBank and Sequoia Capital followed, bringing the total funds to around 2.5 billion US dollars."

Today, Xu leads the company as CEO, which has developed into one of the most popular food delivery services. Millions of "Dashers" supply millions of customers with their food orders. A lot has changed since the beginning during college: DoorDash is listed on the NASDAQ, Xu works as CEO at the top of the company, and holds 4.6 percent of the company's shares. Thanks to the successful IPO, the once immigrant child Xu has risen from dishwasher to billionaire. His fortune is now estimated by Forbes to be around 1.8 billion US dollars.

Xu's immigration background and the intentions of his parents, who moved from China to the USA, may have contributed to the founding of DoorDash. Just before the DoorDash stock launch, Xu told Cramer that his parents came to this country "to create a better life for me." The current CEO emphasizes the years his mother had to work multiple jobs before obtaining her medical degree and founding her own practice. In turn, DoorDash, with its food delivery app, is now there "to empower those like my mother who came here with a dream to make it on their own," Xu wrote in a letter submitted with the IPO prospectus to the SEC.

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