DoorDash CEO Tony Xu's net worth: Billionaire 'Shark Tank' guest investor washed dishes in Chinese restaurant

DoorDash CEO Tony Xu's net worth: Billionaire 'Shark Tank' guest investor washed dishes in Chinese restaurant
DoorDash CEO Tony Xu (YouTube/BloombergTechnology)

SAN FRANCISCO, CALIFORNIA: The coronavirus outbreak suited certain businesses more than others, with Tony Xu's DoorDash being one of them. Following the outbreak of the epidemic, the company's earnings increased, albeit it has suffered a few setbacks subsequently. Despite the challenges, DoorDash has forged several relationships with stores and businesses and plans to offer its own credit card, the DoorDash Rewards Mastercard. Tony, the company's co-founder, and CEO, is doing well himself. Tony will appear as a Guest Shark on Season 14 of ABC's famous show 'Shark Tank.'

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As a Chinese immigrant in the United States, Tony Xu found life difficult. His family had to rely on a federal aid scheme, they juggled many jobs to live, and even regarded visiting McDonalds a "luxury". As per Forbes, Tony's net worth is now over US$3 billion as the co-founder and CEO of food delivery company DoorDash, a monument to the idea that hard work and tenacity pay off. Do you want to know how much the CEO of DoorDash is worth and how the firm came to be? You must continue reading!

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How much is Tony Xu worth?

Tony's net worth skyrocketed after DoorDash went public in 2020. According to Forbes, he is now estimated to be worth $1.3 billion. He was only making around $300,000 per year around two years ago.

Tony stated just before the Covid-19 outbreak reached the United States that profit would be his first objective. DoorDash got $400 million in Series H fundraising in one fell swoop in June 2020. While DoorDash is still attempting to find balance and profitability, it has expanded 226 percent by December 2020 — and Tony just noted that the firm was still growing in 2022.

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"I think the resilience in our business is here to stay," he told Jim Cramer on CNBC's Squawk Box in August 2022. "We've just seen strength to strength in our growth, and that's for a few reasons. First, our product continues to get better. Second, we're still in the earliest inning of the penetration of the restaurant category alone... and third... food is just a really resilient category."

"And then when you add on top the other investments we are making, whether it's our Volt business... that's growing 50 percent year on year... and then you look at growth in new categories of groceries, convenience, retail, all these things combined, we're building the defining business of local commerce," he continued.

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Who is the owner of DoorDash?

When DoorDash went public in early 2021, its valuation soared to US$32 billion. Tony, 36, became a billionaire as a result of the profitable public sale, and he now owns over 5% of the firm, according to CNBC. With a 5.2 percent interest in DoorDash, CEO Tony Xu is the company's largest shareholder. Tony is followed by two additional co-founders. The chief technology officer is Andy Fang, while the chief product officer is Stanley Tang. Andy and Stanley control 4.7 percent of the firm, respectively. The origin story of DoorDash is one of immigrant tenacity. Tony is a first-generation American who immigrated to the United States from China when he was five years old. According to reports, the Xu family arrived in the United States with only $200.

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Tony's mother had her own restaurant. He intended to start a company that catered to small companies all around the world. Evan Moore, Tony, Andy, and Stanley developed DoorDash. They met at Stanford, and the firm was up and running by 2013. Tony's parents worked tirelessly to ensure that he attended a prominent institution. Tony studied at the University of California, Berkeley, and received his MBA at Stanford. He thought of the concept that would later become DoorDash with his business school friends.

Tony cleaned dishes in a restaurant, owned a lawn-mowing service, and even worked as a Domino's delivery driver before starting DoorDash in 2013. His early exposure to hard effort most certainly contributed to his eventual financial success. Tony and his classmates wanted to understand more about the food delivery business when DoorDash was in its early stages. So Tony worked as a delivery driver for Domino's Pizza and FedEx. "We learned a couple of interesting observations," he wrote on Substack. "It was really hard for a small business to know how many drivers they need”.

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He likes investing in emerging firms to keep his money. He now serves on the boards of Meta and the Silicon Valley Chinese Association Foundation. Tony also serves on Technet's executive council. As a result, his net worth is believed to be in the $1 billion range.



 

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'Shark Tank' Season 14 airs every Friday at 8/7c on ABC. Missed an episode? Been wanting to catch up? Episodes can also be viewed the next day on demand and on Hulu. Not just that, you can also watch old seasons and episodes on Amazon Prime Video and iTunes.

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