NEW: We are short DoorDash $DASH, the largest food delivery group in the U.S. We believe DoorDash has engaged in a covert multi-year scheme to "backdoor" unauthorized workers, both at unprecedented scale and unique to $DASH. Full report and disclaimers at

$DASH ⌛️

$DASH

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16/16) We are short $DASH and think shares are headed lower as the Company reckons with financial, regulatory, and consumer fallout. Please see our full report and disclaimers on our website.

15) $DASH appears to be subject to an undisclosed SEC probe, per a July 2025 FOIA. Insiders have sold $7.6 billion in stock since going public, and continue selling by the day.

14) Another lawsuit alleges $DASH onboarded a Dasher who just months earlier had an aggravated assault with a deadly weapon charge. He then attempted to rape an 18-year-old $DASH customer after delivering an order to her home days earlier.

13) Despite $DASH's PR efforts, we find two recent lawsuits telling. One alleges $DASH onboarded a Dasher with 4 prior DUIs, who then killed an innocent mother while Dashing. He was drunk at the time.

12) $DASH policies come at the price of consumer safety. Formers say $DASH's law enforcement team is like "being a 911 dispatcher" where they're instructed to dole out settlements, "before it gets plastered on social media" or "to the point that we have an attorney involved."

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11) In May 2025, $DASH was sued by an ex-employee who alleges being fired after finding hundreds of Dashers tied to shared residential addresses linked to ID fraud, theft, and robberies.

10) $DASH formers and competitors say that $DASH then effectively "pushes through" such "gray area" Dasher profiles. They credit the resultingly swift onboarding as a key driver of $DASH share gains, and estimate 20-30% of Dashers lack proper checks, citing "so many loopholes."

9) $DASH's ITIN workaround has also created a public safety and reputational nightmare. $DASH claims to conduct background checks on every Dasher, but our interviews with ex-employees and $DASH's own background check provider reveal ITINs short-circuit the process altogether.

8) $DASH was continuously unprofitable until just Q3 2024. The Company credits today's profitability to "efficiencies" like order batching. Our analysis suggests, however, $DASH's performance is almost entirely downstream of its mass onboarding of unauthorized workers.

7) $DASH's experience in Seattle is telling. A January 2024 minimum pay law forced $DASH to increase Dasher pay, which triggered a collapse in orders, and the Company itself said it was unprofitable in Seattle in 2024.

6) In April 2025, the IRS and ICE signed an unprecedented agreement to share data on unauthorized workers. Industry groups now warn of risks to ITIN holders, their employers and contractors. $DASH, having already once run into IRS scrutiny, could again be in the crosshairs.

5) $DASH is now highly vulnerable to a Dasher supply shock, just as regulators are cracking down. We estimate a mere 10-11% increase in Dasher pay resulting from de-platforming or deportations would wipe out the entirety of the Company's $1.9 billion in 2024 Adj. EBITDA.

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4) $DASH has faced past scrutiny for SSN fraud, account sharing, etc. Amid this, $DASH insists "illegal activity" on the platform is "fraud" and "something we don't want." Yet the ITIN backdoor is a unique work of $DASH's own creation; peers like Uber and Grubhub require SSNs.

3) $DASH's ITIN backdoor not only kept the these Dashers on, but opened the floodgates for unauthorized workers: formers estimate after dropping SSN requirements, up to 50% of new Dashers signed up with ITINs. We estimate unauthorized Dashers complete 26% to 57% of deliveries.

2) In late 2021, $DASH was subject to an IRS review that forced the Company to either de-platform Dashers with stolen SSNs or, per formers, be threatened with being "shut down." $DASH instead removed SSN requirements altogether, and "backdoored" the Dashers using ITINs.

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