DoorDash Block Worth $2.2 Billion Is Offered by SoftBank

Drew Singer
·1 min read

(Bloomberg) -- SoftBank Group Corp. is offering $2.2 billion of its stake in DoorDash Inc. in a block trade through Goldman Sachs, according to a person familiar with the matter.

The premarket block trade offered 11.4 million shares at $182.95 to prevailing market prices, the person said, the latest move in SoftBank’s selling spree that nearly tripled to $14 billion last quarter. DoorDash fell as much as 5.5% on Thursday, second-most in the 107-member S&P Retail Select Industry Index.

The deal follows warnings from analysts that SoftBank may trim its stake after DoorDash forecast a seasonal decline in new customers and order rates.

The stake represents nearly a week of average trading volume and is worth $2.2 billion based on Wednesday’s closing price. The block trade offers investors a discount of up to 4.5% from that level.

A spokesperson for DoorDash declined to comment, while SoftBank did not respond to requests seeking comment.

(Updates with the latest trading in second paragraph and comments from DoorDash and SoftBank in the final paragraph)

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