DASH Form 4: Tony Xu Executes Options and Disposes of 51,250 Shares

Rhea-AI Filing Summary

Tony Xu, identified as a Director, a 10% owner and the company's Chief Executive Officer, reported option exercise and share sales in DoorDash common stock. On 08/11/2025 he exercised a stock option to acquire 51,250 shares at an exercise price of $7.16 per share and immediately sold those 51,250 shares in multiple transactions at weighted average sale prices ranging from $252.31 to $259.90 per share under a Rule 10b5-1 trading plan adopted March 8, 2025.

Following these transactions the filing shows 520,450 shares directly beneficially owned and a total of 1,422,056 shares beneficially owned following the reported transactions. The report also notes 83 shares held indirectly by a family trust for which he serves as trustee, and that the exercised options were fully vested and immediately exercisable with an expiration date shown as 10/09/2028.

Positive

• Transactions executed under a Rule 10b5-1 trading plan, indicating pre-arranged compliance with insider trading rules.
• Reporting person retains substantial ownership with 1,422,056 shares beneficially owned after the transactions.

Negative

• Reporting person sold 51,250 shares on 08/11/2025, which may be viewed negatively by some investors despite being planned.

Insights

Corporate Governance Expert

TL;DR: Routine option exercise and planned insider sale executed under a 10b5-1 plan; ownership remains substantial.

The Form 4 documents a standard liquidity event where the reporting person exercised vested options at $7.16 and sold the resulting 51,250 shares across multiple blocks at prices between $252.31 and $259.90. Because the sales were made pursuant to a Rule 10b5-1 plan adopted March 8, 2025, they reflect a prearranged program rather than opportunistic trades. The reporting person continues to hold a large stake—1,422,056 shares beneficially owned in total—so governance alignment with shareholders remains strong. Overall this filing is procedural and compliant with standard insider trading controls.

Securities Analyst

TL;DR: Transaction size is modest relative to total beneficial ownership; transactions provide liquidity but are unlikely to alter control or valuation materially.

The filing shows an option exercise and immediate disposition of 51,250 shares, executed in multiple sale lots with weighted-average prices reported in sequential ranges from $252.31 up to $259.90. Post-transaction direct holdings are reported at 520,450 shares, with aggregate beneficial ownership of 1,422,056 shares. These figures indicate the reporting person retained a significant economic interest following the transactions. The use of an established 10b5-1 plan indicates pre-specified execution timing and reduces informational signaling risk. Impact on outstanding float and market supply is limited by the size relative to total holdings disclosed.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Xu Tony

(Last) (First) (Middle)

C/O DOORDASH, INC.

303 2ND STREET, SOUTH TOWER, 8TH FLOOR

(Street)

SAN FRANCISCO CA 94107

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
DoorDash, Inc. [ DASH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	CHIEF EXECUTIVE OFFICER

3. Date of Earliest Transaction (Month/Day/Year)
08/11/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	08/11/2025		M		51,250	A	$7.16	571,700	D
Class A Common Stock	08/11/2025		S(1)		4,905	D	$252.896(2)	566,795	D
Class A Common Stock	08/11/2025		S(1)		6,830	D	$253.549(3)	559,965	D
Class A Common Stock	08/11/2025		S(1)		10,386	D	$255.304(4)	549,579	D
Class A Common Stock	08/11/2025		S(1)		12,998	D	$256.012(5)	536,581	D
Class A Common Stock	08/11/2025		S(1)		6,000	D	$257.067(6)	530,581	D
Class A Common Stock	08/11/2025		S(1)		5,121	D	$258.057(7)	525,460	D
Class A Common Stock	08/11/2025		S(1)		4,193	D	$259.187(8)	521,267	D
Class A Common Stock	08/11/2025		S(1)		817	D	$259.757(9)	520,450	D
Class A Common Stock								83	I	See footnote(10)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (right to buy)	$7.16	08/11/2025		M			51,250	(11)	10/09/2028	Class A Common Stock	51,250	$0	1,422,056	D

Explanation of Responses:

1. The sales reported by the Reporting Person were effected pursuant to a Rule 10b5-1 trading plan that was adopted on March 8, 2025.

2. This sale price represents the weighted average sale price of the shares sold ranging from $252.31 to $253.30 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

3. This sale price represents the weighted average sale price of the shares sold ranging from $253.31 to $254.00 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

4. This sale price represents the weighted average sale price of the shares sold ranging from $254.60 to $255.59 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

5. This sale price represents the weighted average sale price of the shares sold ranging from $255.60 to $256.58 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

6. This sale price represents the weighted average sale price of the shares sold ranging from $256.60 to $257.59 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

7. This sale price represents the weighted average sale price of the shares sold ranging from $257.61 to $258.60 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

8. This sale price represents the weighted average sale price of the shares sold ranging from $258.62 to $259.61 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

9. This sale price represents the weighted average sale price of the shares sold ranging from $259.63 to $259.90 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

10. The shares are held by The Article 4 Trust under TXX Family Trust for which the Reporting Person serves as a trustee.

11. The shares underlying the option are fully vested and immediately exercisable.

	/s/ Kimberly Hackman, by power of attorney	08/13/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions did Tony Xu report on the Form 4 (DASH)?

The Form 4 reports an exercise of 51,250 stock options at $7.16 per share and the immediate sale of those 51,250 shares in multiple transactions on 08/11/2025.

Were the sales executed under a trading plan?

Yes. The sales were effected pursuant to a Rule 10b5-1 trading plan that the reporting person adopted on March 8, 2025.

At what prices were the shares sold?

The filing reports weighted average sale prices in ranges from $252.31 to $259.90 per share across the multiple sale lots; specific allocations by price range are available upon request as noted in the filing.

How many shares does Tony Xu beneficially own after these transactions?

Following the reported transactions the Form 4 shows 520,450 shares directly beneficially owned and a total of 1,422,056 shares beneficially owned.

Are any shares held indirectly?

Yes. The filing discloses 83 shares held by The Article 4 Trust under TXX Family Trust, for which the reporting person serves as trustee.