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January 14, 2022: To the Moon, Alice! $256 by the end of the year!

Breaking news: DoorDash is laying off workers and slashing costs to reflect lower revenues

DoorDash announced Wednesday that it is laying off 1,250 corporate employees to reduce operating expenses as it battles the uncertain economic environment. 

CEO Tony Xu apologized to affected employees in a blog post, saying that this is the "most difficult change to DoorDash" that he has had to announce in its nearly 10-year history. 

Xu admitted that the company continues to grow fast but given how quickly it hired employees, "its "operating expenses – if left unabated – would continue to outgrow our revenue." The chief executive even blamed himself for not better managing team growth. 

The food delivery company faced "sudden and unprecedented opportunities" after the pandemic gripped the world, according to Xu. To keep up with the growth, the company sped up hiring and started many new businesses, he added.

Although most investments are paying off, "we were not as rigorous as we should have been in managing our team growth. That’s on me," he said.

November 30, 2022