SAN FRANCISCO, CALIFORNIA: The coronavirus outbreak has benefited certain companies more than others, including Tony Xu’s DoorDash. After the outbreak of the epidemic, the company’s profits soared, although it has suffered some setbacks as a result. Despite the challenges, DoorDash has formed several relationships with stores and corporations and plans to offer its own credit card, the DoorDash Rewards Mastercard. Tony, co-founder and CEO of the company, is doing well himself. Tony will appear as a guest shark in the 14th season of ABC’s famous show Shark Tank.
As a Chinese immigrant in the United States, Tony Xu found life difficult. Dependent on government aid programs, his family juggled many jobs to survive and even considered visiting McDonald’s a “luxury.” According to Forbes, Tony’s net worth is now over $3 billion as co-founder and CEO of food delivery company DoorDash, a monument to the idea that hard work and persistence pays off. Do you want to know how much the DoorDash CEO is worth and how the company came to be? You must read on!
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How much is Tony Xu worth?
Tony’s net worth skyrocketed after DoorDash went public in 2020. His fortune is now estimated at $1.3 billion, according to Forbes. About two years ago, he was only making about $300,000 a year.
Tony stated just before the outbreak of Covid-19 reached the United States that profit would be his first goal. DoorDash received $400 million in Series H fundraising in one fell swoop in June 2020. While DoorDash is still trying to find balance and profitability, it’s grown 226 percent through December 2020 — and Tony was just noting that the company was in 2022 still growing.
“I think the resilience in our business will remain,” he told Jim Cramer on CNBC’s Squawk Box in August 2022. “We’ve just seen strength in our growth, and for a number of reasons. First, our product keeps getting better. Second, we’re still in the very early stages of penetrating the restaurant category alone… and third… food is just a really resilient category.”
“And then when you add in the other investments that we’re making, whether it’s our Volt business … that’s growing 50 percent year over year … and then you look at the growth in new categories of groceries, convenience, retail, etc. Together we are building the defining business of local trade,” he continued.
When DoorDash went public in early 2021, its valuation rose to $32 billion. Tony, 36, became a billionaire through the profitable public sale and now owns over 5% of the company, according to CNBC. CEO Tony Xu is the company’s largest shareholder with a 5.2 percent stake in DoorDash. Tony is followed by two other co-founders. The Chief Technology Officer is Andy Fang while the Chief Product Officer is Stanley Tang. Andy and Stanley each control 4.7 percent of the company. The origin story of DoorDash is one of immigrant tenacity. Tony is a first-generation American who immigrated to the United States from China at the age of five. According to reports, the Xu family came to the United States with only $200.
Tony’s mother had her own restaurant. He intended to start a business that would supply small businesses around the world. Evan Moore, Tony, Andy and Stanley developed DoorDash. They met at Stanford, and the company was up and running by 2013. Tony’s parents worked tirelessly to ensure that he attended a respected institution. Tony attended the University of California, Berkeley and received his MBA from Stanford. He thought of the concept that would later become DoorDash with his business school friends.
Tony cleaned dishes at a restaurant, owned a lawnmower service and even worked as a delivery driver for Domino’s before starting DoorDash in 2013. His early exposure to hard work certainly contributed to his later financial success. Tony and his classmates wanted to learn more about the grocery delivery business when DoorDash was in its infancy. So Tony worked as a delivery driver for Domino’s Pizza and FedEx. “We made some interesting observations,” he wrote on Substack. “For a small company, it was really hard to know how many drivers they needed.”
He likes to invest in emerging companies to keep his money. He is now a board member of Meta and the Silicon Valley Chinese Association Foundation. Tony also serves on the Technet Executive Council. As a result, his net worth is believed to be in the $1 billion range.
Shark Tank season 14 airs every Friday at 8:7c on ABC. Missed an episode? Did you want to catch up? Episodes are also available for next-day viewing on demand and on Hulu. You can also watch old seasons and episodes on Amazon Prime Video and iTunes.