Food delivery services have been on the rise in recent years, and DoorDash is among the leading companies in the space. CEO and co-founder, Tony Xu, used to wash dishes for a living. Now, he is CEO of a company worth $28 billion and got the opportunity to appear on Shark Tank as a guest investor. As of 2023, Tony Xu has a net worth of $1.1 billion.
Tony was born Xu Xun in Nanjing, China on May 5, 1985. His family relocated to Champaign, Illinois, and his father got a PhD in aerospace engineering and applied mathematics. Growing up, Xun changed his first name to Tony to fit in.
As immigrants, they relied on a federal assistance program and took various odd jobs to make ends meet. To support the family, Tony began working as a dishwasher and moved lawns at an early age.
After finishing high school, he studied operations research and industrial engineering at the College of Engineering at UC Berkeley. In 2013, he earned an MBA from Stanford University’s Graduate School of Business.
Tony’s career began as an intern at Square (now called Block) and worked in business development for RedLaser’s eCommerce software. Then, he was a business analyst for the McKinsey & Company, a consulting firm.
The diligent young man also worked at PayPal and eBay as a strategy consultant. With his Stanford classmates, Tony Xu launched his first delivery service, PaloAltoDelivery.com. After graduating, the same group co-founded DoorDash in 2013.
To learn about the ins and outs of the business, Xu applied to work as a delivery driver for FedEx and Domino’s Pizza. He and his colleagues delivered DoorDash’s first orders, great to see founders willing to get their hands dirty!
Rise to Prominence
Xu was chosen to be the CEO of the startup, and he led its 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 competitive space and is currently losing money. The company posted a loss of $468 million in 2021. This may look bad but even Uber is unprofitable and lost billions becoming profitable.
With the success of the IPO, he officially became a billionaire at 36 years old. The Chinese-born entrepreneur later used his newfound wealth to make investments in companies such as TechNet, Meta Platforms, Alchemy, and All Day Kitchens.
To expand his portfolio, he accepted an invitation to become a guest investor on season 14 of Shark Tank, a popular show with a cult-like following. He appeared on the series along with actress Gwyneth Paltrow.
Net Worth and Earnings
Unsurprisingly, DoorDash is Xu’s main source of wealth. As a co-founder, he owns a 5% stake in the food delivery company. This alone was enough to make him a billionaire.
To grow his fortune, he enjoys investing in innovative startups. Currently he is on the board of directors for Meta and the Silicon Valley Chinese Association Foundation. Tony is also on the executive council of Technet. This is why Xu’s wealth is estimated to be around $1.1 billion.
While attending UC Berkeley as an undergraduate student, Tony met his future wife at church. He married Patti in 2013 and they are now raising their children in Stanford, California.