DoorDash, Inc. $DASH
Culper Research • Published October 23, 2025 • Unauthorized Dasher "Backdooring" Scheme Undermines Safety & Operations
CORE INVESTMENT THESIS
DoorDash is a delivery platform built on unauthorized labor that has quietly onboarded unauthorized workers at an unprecedented scale in U.S. corporate history.
In late 2021, DoorDash dropped SSN requirements and created an industry-unique "backdoor" to onboard unauthorized workers via ITINs. Culper estimates unauthorized Dashers now account for 26% to 57% of Company-wide deliveries. An unprecedented April 2025 ICE/IRS partnership now puts ITIN holders in federal crosshairs, and even a meager 10-11% increase in Dasher pay would wipe out the entirety of DoorDash's $1.9 billion in 2024 Adj. EBITDA.
COMPANY OVERVIEW
KEY RISK METRICS
Estimated percentage of total deliveries conducted by unauthorized ITIN-holding workers
Dasher pay increase that would eliminate entire $1.9B 2024 Adj. EBITDA
Total insider stock sales since IPO in December 2020 ($822M in last 12 months)
July 2025 FOIA request reveals apparent SEC investigation
Estimated Delivery Composition
Culper estimates unauthorized ITIN-holding Dashers are responsible for 26% to 57% of all DoorDash deliveries
Dasher Hourly Earnings Decline (2021-2024)
Third-party data shows DoorDash Dasher pay fell 22% while competitors remained flat
Data Source: Gridwise (third-party gig economy analytics)
DoorDash Financial Performance (2021-2024)
First profitable quarter achieved in Q3 2024, coinciding with ITIN workaround implementation
2024 Adj. EBITDA: $1.9B • First Operating Profit: Q3 2024
KEY PLAYERS
Co-founded DoorDash in 2013. Led company through IPO in December 2020. Oversaw policy changes including the 2021 ITIN workaround.
Major insider seller with $7.6B total insider sales since IPO
Signed unprecedented data sharing agreement in April 2025 targeting ITIN holders. IRS previously confronted DoorDash over SSN fraud in late 2021.
Agreement allows deportation of up to 7 million people using ITIN data
San Francisco-based background check company used by DoorDash. Cannot process background checks with ITINs, only SSNs.
Former employees confirm DoorDash "pushes through" flagged profiles
July 2025 FOIA request reveals apparent undisclosed SEC investigation into DoorDash practices. Company attempted to seal related lawsuit documents.
Investigation details remain confidential
Filed lawsuit in May 2025 alleging retaliation after discovering "clusters" of fake Dasher identities tied to shared addresses linked to criminal activity including identity theft, fraud, and robbery.
DoorDash attempted to seal complaint as "confidential"
Enacted January 2024 Minimum Pay Ordinance forcing DoorDash to increase Dasher pay. DoorDash responded by raising fees, leading to order collapse and market-level operating losses in 2024.
DoorDash spent $1.9M lobbying to roll back legislation
Culper Research's Verdict
According to Culper Research, DoorDash ($DASH) is a delivery platform that has become uniquely reliant on unauthorized workers at a scale unprecedented in U.S. corporate history. In late 2021, facing IRS scrutiny over widespread SSN fraud, DoorDash created an industry-unique "backdoor" by dropping SSN requirements and allowing Dashers to onboard using ITINs. This policy change has enabled mass onboarding of unauthorized workers, who Culper estimates now account for 26% to 57% of Company-wide deliveries. With an unprecedented April 2025 ICE/IRS data sharing agreement now targeting ITIN holders, and Culper's calculations showing that a mere 10-11% increase in Dasher pay would eliminate the entirety of the Company's $1.9 billion in 2024 Adj. EBITDA, Culper Research concludes that DoorDash's business model is unsustainable and faces existential regulatory and operational risks.