SoftBank Sells 11.4 Million Shares in DoorDash: Report

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SoftBank Group Corp sold 11.4 million shares in the grocery supplier DoorDash Inc, which was marketed through Goldman Sachs Group Inc, a source familiar with the matter said Thursday.

They cost around $ 182.95 each, according to a Bloomberg report that estimates sales at around $ 2.2 billion. DoorDash’s shares were recently down 5.3%.

The stock sale comes a week after DoorDash predicted a seasonal decline in order rates and the addition of new customers in its quarterly earnings report in the current quarter.

The company had reported a bigger-than-expected loss in the second quarter, having spent large amounts of money expanding internationally and into a crowded food market during the pandemic.

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