Dec 9 (Lagos) - Shares of Doordash increased 80% above its listing price today in New York. The Company now has a valuation of $ 72 billion. This food delivery company is now worth more than double Nigeria's foreign reserve. While our leaders issue memo's to stem a continuous decline in currency value over 5 years other countries are leaving us far far behind in economic development.
Doordash boasts of 50% market share of the US app based food ordering market which is huge especially now during the Covid-19 pandemic which has lead to lockdowns in major cities.
The company is also planning to deliver groceries in future. Its CEO Mr. Tony Xu recently said that the Company is just getting started.
Investors are certainly taking his word seriously as the millennials and GenY pile into the stock because they are the ones who use this service regularly and is something that connects with them. Traditional money managers are likely to be defensive given this kind of increase in stock price but it could even go higher given the lockup periods before pre IPO investors can dump their stocks on retail investors.
For now Doordash is delivering huge profits for its pre-IPO investors. They are likely to order dinner from their favorite restaurant on doordash tonight.
reporting for easykobo.com on Wednesday, Dec 9 2020 from Lagos, Nigeria