[Form 4] DoorDash, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Tony Xu, DoorDash CEO and director, reported a series of transactions on 08/20/2025–08/21/2025. Multiple Class A and Class B common stock transactions were reported, including sales to cover tax obligations from the settlement of vested Performance Share Units: 282,992 shares at $238.098, 8,403 shares at $241.171 and 8 shares at $242.08 on 08/20/2025. The report also shows exchanges between Class A and Class B shares at a 1:1 ratio and a deemed disposition of 227,547 Class A shares on 08/20/2025. Following the transactions, the reporting person separately reports direct beneficial ownership of 3,466,083 Class A shares and multiple Class A shareholdings held indirectly through family trusts.

Positive

• Sales were disclosed as tax-covering for vested Performance Share Units, which is a routine, non-speculative reason for insider sales
• Filing includes clear explanations of Class A/Class B exchanges and identifies trusts holding indirect positions, improving transparency
• Large retained direct holding of 3,466,083 Class A shares remains after reported transactions

Negative

• Notable aggregate sales on 08/20/2025 (282,992 + 8,403 + 8 shares) reduced direct holdings, though remaining stake is still large

Insights

Securities Analyst

TL;DR Routine insider sales were disclosed, primarily to satisfy tax obligations, with significant remaining direct holdings.

The Form 4 shows that Tony Xu executed multiple sales on 08/20/2025 to cover taxes related to vested Performance Share Units, with per-share prices between $238.098 and $242.08. The filing also documents 1:1 exchanges between Class A and Class B shares and reports large remaining direct and indirect positions, including 3,466,083 Class A shares held directly. These transactions are typical for equity compensation settlements and do not indicate an unexpected change in control or a material shift in ownership concentration based solely on the disclosed activity.

Corporate Governance Expert

TL;DR Disclosure is consistent with Section 16 reporting; sales were described as tax-covering and multiple trusts hold indirect positions.

The filing provides clear explanations: sales were made to cover tax obligations from vested PSUs and certain shares were exchanged between classes at the reporting person’s election. The report identifies multiple trusts where the reporting person or spouse serves as trustee, clarifying indirect ownership. From a governance perspective, the form meets disclosure expectations for insider transactions and clarifies the nature of indirect holdings, which supports transparency for shareholders.

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).

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)
08/20/2025

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	08/20/2025		S(1)		282,992	D	$238.098	237,458	D
Class A Common Stock	08/20/2025		S(1)		8,403	D	$241.171	229,055	D
Class A Common Stock	08/20/2025		S(1)		8	D	$242.08	229,047	D
Class A Common Stock	08/20/2025		J(2)		227,547	D	$0	1,500	D
Class A Common Stock	08/21/2025		J(3)		80,000	A	$0	81,500	D
Class A Common Stock	08/21/2025		G		80,000	D	$0	1,500	D
Class A Common Stock								83	I	See footnote(4)

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
Class B Common Stock	(5)	08/20/2025		J(2)		227,547		(5)	(5)	Class A Common Stock	227,547	$0	3,466,083	D
Class B Common Stock	(5)	08/21/2025		J(3)			80,000	(5)	(5)	Class A Common Stock	80,000	$0	3,386,083	D
Class B Common Stock	(5)							(5)	(5)	Class A Common Stock	1,643,690		1,643,690	I	See footnote(6)
Class B Common Stock	(5)							(5)	(5)	Class A Common Stock	305,425		305,425	I	See footnote(7)
Class B Common Stock	(5)							(5)	(5)	Class A Common Stock	305,425		305,425	I	See footnote(8)
Class B Common Stock	(5)							(5)	(5)	Class A Common Stock	1,744,157		1,744,157	I	See footnote(9)
Class B Common Stock	(5)							(5)	(5)	Class A Common Stock	2,113,302		2,113,302	I	See footnote(10)
Class B Common Stock	(5)							(5)	(5)	Class A Common Stock	288,650		288,650	I	See footnote(11)

Explanation of Responses:

1. Shares sold to cover tax obligations in connection with the settlement of vested Performance Share Units.

2. Shares of Class A Common Stock were exchanged at a 1:1 ratio for shares of Class B Common Stock at the election of the Reporting Person.

3. Shares of Class B Common Stock were exchanged at a 1:1 ratio for shares of Class A Common Stock at the election of the Reporting Person.

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

5. Each share of Class B Common Stock is convertible into one share of Class A Common Stock at the option of the holder and has no expiration date.

6. The shares are held by The Article 2 Trust under TXX Annuity Trust #3 for which the Reporting Person serves as a trustee.

7. The shares are held by The Article 3 Trust under OBX Family Trust for which the Reporting Person serves as a trustee.

8. The shares are held by The Article 3 Trust under TBX Family Trust for which the Reporting Person serves as a trustee.

9. The shares are held by The Article 3 Trust under TXX Annuity Trust #1 for which the Reporting Person's spouse serves as a trustee.

10. The shares are held by The Article 3 Trust under TXX Annuity Trust #2 for which the Reporting Person's spouse serves as a trustee.

11. The shares are held by The Article 4 Trust under Library Trust for which the Reporting Person's spouse serves as a trustee.

	/s/ Kimberly Hackman, by power of attorney	08/22/2025
	** 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 DoorDash CEO Tony Xu report on Form 4 (DASH)?

The Form 4 reports multiple transactions on 08/20/2025–08/21/2025 including sales to cover taxes: 282,992 shares at $238.098, 8,403 shares at $241.171 and 8 shares at $242.08, plus exchanges between Class A and Class B shares.

Why were shares sold by Tony Xu according to the filing?

The filing states the shares were sold to cover tax obligations in connection with the settlement of vested Performance Share Units.

How many Class A shares does Tony Xu report holding after these transactions?

The filing reports 3,466,083 Class A shares beneficially owned directly following the reported transactions.

Were any shares exchanged between Class A and Class B stock?

Yes. The report documents 1:1 elections to exchange Class A for Class B shares and vice versa, specifically noting exchanges of 227,547 and 80,000 shares.

Do any trusts hold indirect DoorDash shares for Tony Xu?

Yes. Multiple trusts are identified as holding Class A shares indirectly, with the reporting person or spouse serving as trustee for several named trusts.