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In November 2020, DoorDash announced the opening of its first physical restaurant location, partnering up with Bay Area restaurant Burma Bites to offer delivery and pick-up orders. [32] [33] On December 9, 2020, the company became a public company via an initial public offering, raising $3.37 billion. [34] [4] [35]
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DoorDash's initial public offering in 2020, which Xu has been credited for leading, [12] made him a billionaire at the age of 36. [1] [7] He has voting authority over all Class B shares, giving him control of DoorDash with 69 percent of the voting interest, as of December 2020. [13] [14] In 2020, Xu was included in Fortune 's "40 Under 40" list ...
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In April 2020, a group of New Yorkers sued Uber Eats along with DoorDash, Grubhub and Postmates, accusing them of using their market power monopolistically by only listing restaurants on their apps if the restaurant owners signed contracts which include clauses that require prices be the same for dine-in customers as for customers receiving delivery.