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SoftBank sells 11.4 million shares of DoorDash - source

Published 08/19/2021, 12:44 PM
Updated 08/19/2021, 12:46 PM
© Reuters. FILE PHOTO: FILE PHOTO: A DoorDash sign is pictured on a restaurant in the Manhattan borough of New York City, New York, U.S., December 9, 2020. REUTERS/Carlo Allegri

(Reuters) - SoftBank Group Corp sold 11.4 million shares of food delivery company DoorDash Inc, marketed via Goldman Sachs Group Inc (NYSE:GS), a source familiar with the matter said on Thursday.

They were priced at around $182.95 each, a Bloomberg report https://www.bloomberg.com/news/articles/2021-08-19/doordash-block-worth-2-2-billion-is-said-offered-by-softbank-ksizv6i1?sref=WJKVI5nK said, valuing the sale at around $2.2 billion. Shares of DoorDash were last down around 5.3%.

The share sale comes a week after DoorDash, in its quarterly earnings report, predicted a seasonal decline in order rates and new customer addition in the current quarter.

The company had reported a bigger loss in the second quarter than expected as it spent heavily to expand internationally and into a crowded market for grocery during the pandemic.

Latest comments

Both times I’ve ordered with them the food was cold and not tasty. Good concept, though.
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