DoorDash Shares Tumble as Amazon Takes Stake in Grubhub
- Move lowers odds of a US duopoly for DoorDash, Uber, BI says
- DoorDash shares fall as much as 11%, Uber declines 4.8%
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Food delivery company DoorDash Inc. shares sank on Wednesday after Amazon.com Inc. agreed to take a stake in rival Grubhub’s business.
The San Francisco-based startup tumbled as much as 11% in New York trading, taking the stock down more than 70% from the highs touched in November. Ride-hailing service Uber Technologies Inc., which also has a food-delivery unit, fell over 4%.