Tony Xu is all the hype on the net, with many cheering the tech billionaire. The Chinese-American businessman is the CEO (Chief Executive Officer) and co-founder of DoorDash Inc., an on-demand food delivery service that delivers prepared food. Born in China, Tony’s family immigrated to America in 1989 when he was five years old. He spent a good part of his childhood mowing lawns and washing utensils where his mother worked. Tony’s parents were well-educated individuals, with his father holding a Ph.D. in applied mathematics and aerospace engineering while his mother, who was a doctor, opened her own medical and acupuncture clinics in Illinois.
Tony Xu, born Xu Xun in 1983, by law, changed his name after he was motivated by his favorite character Tony Micelli played by Tony Danza in the TV series Who’s the Boss? Tony persevered and went on to earn his degree in operations research and industrial engineering from Berkeley’s College of Engineering, after which he completed his Master’s in Business Administration from Stanford’s Graduate School of Business in the year 2013.
Tony worked for companies like McKinsey & Company, PayPal, and eBay while he labored with his classmates Andy Fang, Evan Moore, and Stanley Tang on DoorDash, which they founded together in 2013. After its gradual but exponential success, in 2020, Tony starred in the “40 Under 40” list of Fortune.
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DoorDash: The App That Made Tony Xu A Billionaire
DoorDash’s prototype was called PaloAltoDelivery, and it all started in the fall of 2012. When the friends were trying to acquire feedback from small business owners for their developing mobile app, they had the opportunity to hear the plight of a macaroon store owner who briefed them on the obstacles such businesses face while meeting delivery demands. This plight propelled the Stanford students to launch a food delivery website, PaloAltoDelivery.com, in the charter city of Palo Alto in California. The site saw immense success, and Y Combinator invested $120,000 to own a 7% stake in the company. Taking this as capital, the youngsters incorporated DoorDash in the June of 2013. Within three years, it overtook Uber Eats and, after another year, beat GrubHub as well, holding the first position in total US food delivery sales with 27.6% market, as calculated by consumer spending.
The company launched philanthropic programs like Project DASH, which partners with local organizations to deliver donations to the needy. The program has claimed to have delivered food weighing over one million pounds and over fifteen million meals. During the pandemic, DoorDash upgraded its delivery to contact-less delivery, becoming the fastest food delivery service in the US. In the later part of 2020, through an IPO (Initial Public Offering), DoorDash became a public company, raising $32 billion. In August 2022, each share of the company was trading on the stock exchange at $82.
Tony Xu Net Worth
Tony owns a stake of 5% of DoorDash with 4.6% plus options, according to CNBC. Having come to the United States with just $200 in his bank account, he wishes his life would inspire many to reach higher in life. Tony is to appear on the 14th season of Shark Tank, an American TV program where aspirant entrepreneurs from over the world come and pitch their business ideas to a panel of investors. As the CEO of the company, he has sold an estimated value of $115.06 million worth of shares in the past 2 years of Doordash Inc.
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Tony Xu’s non-monetary assets, as of 2022, are said to be worth about $2 billion. Financial experts propose that the IPO of the company was what saw to the spike in the increase in the value of the mogul’s total assets. Supporters from entertainment platforms like Facebook, YouTube, Twitter, and Instagram have showered Tony Xu with much encouragement as the brand decides to expand further. The billionaire tends to keep a low profile about his personal life, with most of the information shared by him on social media platforms being limited to his company. As far as we can see, the future looks bright for the young businessman as the company keeps growing.
