Along with Airbnb, DoorDash is planning one of the most hotly anticipated IPO of 2020. Its anticipated valuation is also similar to Airbnb’s at around $32bn. While we have a positive outlook for Airbnb, our evaluation of DoorDash is more negative. In short, DoorDash’s tremendous growth and market share gains, particularly during the COVID-19 pandemic, don’t seem defensible in the long run. A closer look at the facts and similar industries around the globe actually just makes Uber look more attractive as an investment since there’s nothing structure that prevents Uber from making DoorDash into a Lyft of food delivery industry. DoorDash’s Explosive Growth Is Purely Due to Its Suburban Focus The most prominent bull thesis on DoorDash is that it is, and will continue to be the market leader in a growing market. For instance, its market share in meal delivery has reached 51% as of October 2020, a

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