Tang Stanley 4

What Happened

• Stanley Tang, a director of DoorDash (DASH), converted 23,125 shares of Class B common stock into Class A shares (acquisition at $0 per share) and sold those 23,125 shares in multiple open-market transactions on July 2, 2026. The sales were executed in tranches at roughly $189.75, $190.63, $191.72, $192.42 and $193.44 per share, producing total gross proceeds of approximately $4,421,343.
• These sales were effected pursuant to a pre-established Rule 10b5-1 trading plan, so they appear to be planned disposals rather than ad hoc market-timing trades.

Key Details

• Transaction date: July 2, 2026; Form 4 filed July 7, 2026.
• Sales (open market) by tranche:
  • 2,986 shares @ $189.75 = $566,588
  • 7,206 shares @ $190.63 = $1,373,709
  • 10,824 shares @ $191.72 = $2,075,134
  • 2,009 shares @ $192.42 = $386,568
  • 100 shares @ $193.44 = $19,344
  • Total sold: 23,125 shares for ~$4,421,343.
• Conversion: 23,125 Class B shares converted 1:1 into Class A (footnotes F1, F9).
• Ownership/holding vehicle: some shares are held directly by The ST Trust for which Tang is trustee (F2).
• Plan/notes: Sales were under a Rule 10b5-1 plan adopted Dec 3, 2025 (F3). The filing notes weighted-average price ranges for the tranches (roughly $189.14–$193.17 across tranches; see F4–F7). Certain securities involved may be represented by RSUs (F8).
• Shares owned after the transaction: not specified in the excerpt of the filing.

Context

• Sales executed under a 10b5-1 plan are preplanned and commonly used by insiders to sell shares on a set schedule; they do not necessarily indicate a change in view about the company.
• The conversion of Class B to Class A at a 1:1 ratio is a standard mechanical step for holders who elect to convert voting-class shares into the publicly traded class.
• This filing reports sales (not purchases); retail investors often view purchases as stronger bullish signals, while planned sales are frequently routine or for diversification/liquidity.