DoorDash announces expected stock sales from co-founders

DoorDash announced that Tony Xu, Andy Fang, and Stanley Tang, co-founders of DoorDash, each adopted a stock trading plan in accordance with Rule 10b5-1 of the Securities and Exchange Act of 1934, as amended, and the policies of DoorDash regarding stock transactions. Mr. Xu, Mr. Fang, and Mr. Tang each have unexercised options that expire on June 25, 2024. The trading plans were adopted in order to allow Mr. Xu, Mr. Fang, and Mr. Tang to sell DoorDash Class A common stock acquired through planned option exercises in advance of such options expiring. Under these trading plans, Mr. Xu, Mr. Fang, and Mr. Tang intend to spread their dispositions of DoorDash stock over a period beginning in February 2023 and ending between February 2024 and June 2024. All sales under Mr. Xu’s, Mr. Fang’s, and Mr. Tang’s trading plans are subject to volume limitations, pursuant to Rule 144, which limit the number of shares that can be sold in any three-month period. Under the terms of the new trading plans, Mr. Xu intends to sell up to approximately 2.2 million shares of Class A common stock, Mr. Fang intends to sell up to approximately 2.0 million shares of Class A common stock, and Mr. Tang intends to sell up to approximately 2.4 million shares of Class A common stock.