Food delivery services have been growing in recent years, and DoorDash is one of the leading companies in the space. CEO and co-founder Tony Xu used to wash dishes for a living. Now, he is the CEO of a $47 billion company and has had the opportunity to appear on Shark Tank as a guest investor. According to Forbes, Tony Xu’s net worth is $1.8 billion based on his stake in DashDoor.
early life
Tony was born Xu Xun on May 5, 1985 in Nanjing, China. Later, his family moved to Champaign, Illinois, where his father earned a doctorate in aerospace engineering and applied mathematics. When he grew up, Xun changed his name to Tony to fit in with the local society.
As immigrants, they relied on federal assistance programs and worked odd jobs to make ends meet. To support his family, Tony started washing dishwashers and mowing lawns at a young age.
After graduating from high school, he studied operations research and industrial engineering at the University of California, Berkeley School of Engineering. In 2013, he received his MBA from the Stanford University Graduate School of Business.
Career Start
Tony started his career as an intern at Square (now Block) working on business development for RedLaser e-commerce software before moving on to become a business analyst at consulting firm McKinsey.
This hardworking young man also worked as a strategic consultant at PayPal and eBay. Tony Xu launched his first delivery service PaloAltoDelivery.com with his Stanford classmates. After graduation, the same group of people co-founded DoorDash in 2013.
To learn the ins and outs of the business, Xu applied for jobs as a delivery driver for FedEx and Domino’s Pizza. He and his colleagues delivered the first orders for DoorDash and were excited to see the founders were willing to get their hands dirty!
Rise to Fame
Xu was chosen as the startup’s CEO and led the company’s initial public offering (IPO) in 2020. DoorDash went public at $102 per share and peaked at $245 in November 2021. The company operates in a highly competitive space and is currently losing money. The company lost $468 million in 2021. This may seem bad, but even Uber was not profitable and lost billions of dollars to become profitable.
With the success of the IPO, he officially became a billionaire at the age of 36. The Chinese-American entrepreneur later used his newfound wealth to invest in companies such as TechNet, Meta Platforms, Alchemy, and All Day Kitchens.
To expand his portfolio, he accepted an invitation to be a guest investor on the 14th season of Shark Tank, a popular show with a cult following, where he appeared alongside actress Gwyneth Paltrow.
Net assets and earnings
Unsurprisingly, DoorDash is the main source of Xu Wenwei’s wealth. As a co-founder, he owns 5% of the food delivery company. That alone would make him a billionaire.
To increase his wealth, he likes to invest in innovative startups. Currently, he is a board member of Meta and the Silicon Valley Chinese Association Foundation. Tony is also a member of the executive committee of Technet. Therefore, Xu’s wealth is estimated to be around $1.1 billion.
personal life
Tony met his future wife at church while an undergraduate at UC Berkeley. He married Patty in 2013, and they are now raising their children in Stanford, California.
Categories: Shark Tank
Source: svlsf.edu.vn