Food delivery app DoorDash (DASH) hit the public market on Wednesday, and closed the day up 86% from its IPO price of $102. That means a market cap of $72 billion for a seven-year-old startup that lost $667 million in 2019, and lost $149 million in the first nine months of 2020.
David Trainer, CEO of market research firm New Constructs, calls it “the most ridiculous IPO of 2020.” Last year, his firm gave that title to the WeWork IPO, which was ultimately shelved.
Why ridiculous? Lack of…
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