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Investing.com -- DoorDash (NASDAQ:DASH) stock rose 4% Monday after Alfred Lin, a managing partner at Sequoia Capital Operations, purchased approximately $100 million worth of the food delivery company’s shares.
Lin, who represents Sequoia, DoorDash’s second-largest investor, acquired roughly 514,000 shares across 11 separate transactions on November 25 and 26, according to a Securities and Exchange Commission filing released Friday.
The significant purchase by the Sequoia executive appears to have boosted investor confidence in the delivery platform. The transactions, totaling about $100 million, demonstrate substantial insider commitment to the company at current market levels.
Sequoia Capital has been a long-term backer of DoorDash, maintaining its position as the second-largest investor in the food delivery service. Lin’s personal investment further strengthens the relationship between the venture capital firm and DoorDash.
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