DoorDash (DASH) Stanley Tang Sells 23,125 Shares After Converting 23.12 Million Shares

DoorDash co-founder and insider Stanley Tang converted 23,125 shares of Class B common stock into Class A common stock on a one-to-one basis on July 2, then sold the same number of Class A shares, 23,125, in the open market.[1] This transaction, executed under a 10b5-1 plan adopted on December 3, 2025, provided approximately $4.45 million in liquidity without materially affecting Tang’s ownership stake in DoorDash.[1]

In the July 2 transaction, Tang first increased his indirectly held Class A position by converting 23,125 Class B common shares held through ST Trust, for which he serves as trustee, into 23,125 Class A common shares, with no consideration paid for the conversion itself.[1] Later that same day, he sold the 23,125 Class A common shares in multiple price tranches, with execution prices ranging from $189.748 to $193.44 per share.[1]

The details of the individual sales are as follows:[1]

Date	Action	Security Type	Quantity	Price (USD)	Proceeds (USD)
2026-07-02	Conversion	Class B → Class A	23,125	0	0
2026-07-02	Sale	Class A Common Stock	2,986	189.748	566,373.93
2026-07-02	Sale	Class A Common Stock	7,206	190.634	1,373,945.40
2026-07-02	Sale	Class A Common Stock	10,824	191.716	2,074,502.38
2026-07-02	Sale	Class A Common Stock	2,009	192.418	386,488.36
2026-07-02	Sale	Class A Common Stock	100	193.44	19,344.00

According to Form 4, Tang continues to maintain a substantial economic interest in DoorDash after the transaction.[1] He directly holds 41,889 Class A common shares and indirectly holds an additional 3,499,914 Class A common shares, including restricted stock units (RSUs), as well as 7,828 indirectly held Class B common shares.[1]

Based on estimates in the Form 4 footnotes, the economic value of Tang’s DoorDash holdings after the transaction (assuming a one-to-one conversion of Class B to Class A shares and including RSUs) is approximately 3.59 million shares, equivalent to about $690 million.[1] At the company level, there has been no issuance of new shares or change in the number of outstanding shares, but the insider ownership structure and voting composition have been slightly adjusted. This filing is significant because it enables investors to track insiders’ planned equity sales and changes in ownership structure.[1]