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08-06-2022, 03:17 PM
PUBLISHED 7 HOURS AGO
NEW YORK (BLOOMBERG) - Early in the Covid-19 pandemic, as locked-down diners turned to ordering online, a new type of billionaire emerged: the food-delivery magnate.
The three co-founders of US-based DoorDash each amassed fortunes of US$2.5 billion (S$3.4 billion) or more. Mr Jitse Groen, who started European rival Just Eat Takeaway.com, racked up a US$1.5 billion fortune.
Those riches now seem like a mirage as the world returns to eating in restaurants rather than just ordering takeout, while technology stocks fall out of favour with investors amid a shifting macro environment.
Mr Groen's stake has dropped to US$350 million, while DoorDash's Andy Fang and Stanley Tang are no longer billionaires, and chief executive officer Tony Xu's net worth has fallen to US$1.1 billion
Much more at: https://www.straitstimes.com/business/co...demic-ebbs
NEW YORK (BLOOMBERG) - Early in the Covid-19 pandemic, as locked-down diners turned to ordering online, a new type of billionaire emerged: the food-delivery magnate.
The three co-founders of US-based DoorDash each amassed fortunes of US$2.5 billion (S$3.4 billion) or more. Mr Jitse Groen, who started European rival Just Eat Takeaway.com, racked up a US$1.5 billion fortune.
Those riches now seem like a mirage as the world returns to eating in restaurants rather than just ordering takeout, while technology stocks fall out of favour with investors amid a shifting macro environment.
Mr Groen's stake has dropped to US$350 million, while DoorDash's Andy Fang and Stanley Tang are no longer billionaires, and chief executive officer Tony Xu's net worth has fallen to US$1.1 billion
Much more at: https://www.straitstimes.com/business/co...demic-ebbs
