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DASH Form 4: Xu Exercises Options at $7.16; Multiple Sales via 10b5-1 Plan

Filing Impact
(Very High)
Filing Sentiment
(Very Negative)
Form Type
4

Rhea-AI Filing Summary

DoorDash, Inc. (DASH) Form 4: Tony Xu, who serves as Chief Executive Officer, a director and a 10% owner, reported option exercises and multiple open-market sales on September 2 and 3, 2025. He exercised stock options at an exercise price of $7.16 to acquire 34,167 shares on 09/02/2025 and 17,083 shares on 09/03/2025. Subsequent sales reported on those dates disposed of 34,167, 800, 3,001, 5,019, 11,566, 13,781, 12,982 and 4,101 shares at weighted average prices ranging from about $238.23 to $251.49 per share under a Rule 10b5-1 trading plan adopted March 8, 2025. The filing shows 1,336,639 and 1,319,556 underlying shares associated with fully vested options following the transactions. The Reporting Person serves as trustee for a related trust holding 83 Class A shares indirectly.

Positive

  • Exercised options at a low exercise price of $7.16 to acquire 34,167 and 17,083 shares, indicating meaningful intrinsic gain potential.
  • Sales executed under a Rule 10b5-1 trading plan adopted March 8, 2025, which provides preplanned execution and regulatory clarity.
  • Options underlying the position are fully vested and exercisable, with substantial remaining option exposure (1,336,639 and 1,319,556 underlying shares reported).

Negative

  • Large open-market sales on 09/02/2025 and 09/03/2025 reduced direct holdings significantly, with weighted-average sale prices between approximately $238.23 and $251.49.
  • Significant liquidity-taking by the CEO could be viewed by some investors as partial monetization of equity stake.

Insights

TL;DR: CEO exercised low-cost options and executed large, preplanned sales into a high-priced market, leaving substantial vested option exposure.

The filing shows material option exercises at $7.16 per share and multiple weighted-average sales between $238.23 and $251.49 under a Rule 10b5-1 plan adopted March 8, 2025. The exercises increased direct holdings briefly but the sales reduced share counts on 09/02-09/03/2025. Notably, the Reporting Person retains significant vested option positions reflected as 1,336,639 and 1,319,556 underlying shares. For investors, this demonstrates liquidity-taking by an insider while maintaining long-dated vested option exposure.

TL;DR: Transactions appear governed by a documented 10b5-1 plan and comply with standard disclosure practices.

The Form 4 explicitly notes the sales were effected pursuant to a Rule 10b5-1 trading plan adopted March 8, 2025, which provides an affirmative defense for planned trades. The Reporting Person is CEO, director and a 10% owner, and the filing discloses exercises of fully vested options and sales across multiple price ranges with weighted-average prices disclosed in footnotes. The filing also discloses an indirect trust holding of 83 shares and includes a power-of-attorney signature, consistent with procedural norms.

Insider Xu Tony
Role CHIEF EXECUTIVE OFFICER
Sold 51,250 shs ($12.59M)
Type Security Shares Price Value
Exercise Stock Option (right to buy) 17,083 $0.00 --
Exercise Class A Common Stock 17,083 $7.16 $122K
Sale Class A Common Stock 12,982 $250.303 $3.25M
Sale Class A Common Stock 4,101 $251.11 $1.03M
Exercise Stock Option (right to buy) 34,167 $0.00 --
Exercise Class A Common Stock 34,167 $7.16 $245K
Sale Class A Common Stock 800 $238.851 $191K
Sale Class A Common Stock 3,001 $241.589 $725K
Sale Class A Common Stock 5,019 $242.36 $1.22M
Sale Class A Common Stock 11,566 $243.542 $2.82M
Sale Class A Common Stock 13,781 $244.13 $3.36M
holding Class A Common Stock -- -- --
Holdings After Transaction: Stock Option (right to buy) — 1,319,556 shares (Direct); Class A Common Stock — 18,583 shares (Direct); Class A Common Stock — 83 shares (Indirect, See footnote)
Footnotes (1)
  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. This sale price represents the weighted average sale price of the shares sold ranging from $238.23 to $239.04 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. This sale price represents the weighted average sale price of the shares sold ranging from $240.93 to $241.92 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. This sale price represents the weighted average sale price of the shares sold ranging from $241.93 to $242.87 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. This sale price represents the weighted average sale price of the shares sold ranging from $242.93 to $243.92 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. This sale price represents the weighted average sale price of the shares sold ranging from $243.93 to $244.59 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. This sale price represents the weighted average sale price of the shares sold ranging from $250.00 to $250.99 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. This sale price represents the weighted average sale price of the shares sold ranging from $251.00 to $251.49 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. The shares are held by The Article 4 Trust under TXX Family Trust for which the Reporting Person serves as a trustee. The shares underlying the option are fully vested and immediately exercisable.
Form 4 Insider Transactions: What Each Field Means →
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)
09/02/2025
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 09/02/2025 M 34,167 A $7.16 35,667 D
Class A Common Stock 09/02/2025 S(1) 800 D $238.851(2) 34,867 D
Class A Common Stock 09/02/2025 S(1) 3,001 D $241.589(3) 31,866 D
Class A Common Stock 09/02/2025 S(1) 5,019 D $242.36(4) 26,847 D
Class A Common Stock 09/02/2025 S(1) 11,566 D $243.542(5) 15,281 D
Class A Common Stock 09/02/2025 S(1) 13,781 D $244.13(6) 1,500 D
Class A Common Stock 09/03/2025 M 17,083 A $7.16 18,583 D
Class A Common Stock 09/03/2025 S(1) 12,982 D $250.303(7) 5,601 D
Class A Common Stock 09/03/2025 S(1) 4,101 D $251.11(8) 1,500 D
Class A Common Stock 83 I See footnote(9)
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 09/02/2025 M 34,167 (10) 10/09/2028 Class A Common Stock 34,167 $0 1,336,639 D
Stock Option (right to buy) $7.16 09/03/2025 M 17,083 (10) 10/09/2028 Class A Common Stock 17,083 $0 1,319,556 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 $238.23 to $239.04 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 $240.93 to $241.92 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 $241.93 to $242.87 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 $242.93 to $243.92 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 $243.93 to $244.59 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 $250.00 to $250.99 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 $251.00 to $251.49 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. The shares are held by The Article 4 Trust under TXX Family Trust for which the Reporting Person serves as a trustee.
10. The shares underlying the option are fully vested and immediately exercisable.
/s/ Kimberly Hackman, by power of attorney 09/04/2025
** 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.

Source: View Original Filing on SEC EDGAR

FAQ

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

The Form 4 reports option exercises at $7.16 to acquire 34,167 shares on 09/02/2025 and 17,083 shares on 09/03/2025, plus multiple open-market sales on those dates.

Were the sales by the insider preplanned or discretionary?

The filing states the sales were effected pursuant to a Rule 10b5-1 trading plan adopted on March 8, 2025.

How many shares underlie the reported options after the transactions?

The filing shows 1,336,639 and 1,319,556 underlying shares associated with the fully vested options following the reported transactions.

What price ranges were reported for the sales?

Weighted-average sale prices disclosed in footnotes range approximately from $238.23 to $251.49 per share across the reported sales.

What roles does the reporting person hold at DoorDash (DASH)?

The Form 4 identifies Tony Xu as Chief Executive Officer, a director, and a 10% owner of the issuer.