• According to Culper Research's estimate, the share of unauthorized Dashers in DoorDash’s deliveries has risen to 57% from 26% in 2021.
  • The firm said that DoorDash also appears to be subject to an undisclosed Securities and Exchange Commission investigation.
  • Culper’s calculations suggest a mere 10-11% increase in Dasher pay wipes out the entirety of the company’s $1.9 billion in 2024 adjusted earnings before interest, taxes, depreciation, and amortization.

Culper Research said on Thursday that it has a short position in DoorDash Inc. (DASH) and noted that the food delivery company "has quietly onboarded unauthorized and unvetted contract workers at a scale that is both unprecedented in U.S. corporate history and unique to the company."

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Retail sentiment on DoorDash remained unchanged in the ‘bearish’ territory, with message volumes at ‘low’ levels, according to data from Stocktwits. Shares of DoorDash rose over 1% in early trading.

What Is Culper’s Opinion On DASH?

According to Culper, in late 2021, DoorDash dropped social security number (SSN) requirements for delivery drivers, also known as Dashers, and created an industry-unique “backdoor” to onboard unauthorized workers via individual taxpayer ID numbers (ITINs).

“We estimate unauthorized Dashers have since become responsible for 26% to 57% of company-wide deliveries,” Culper said.

Culper said that DoorDash also appears to be subject to an undisclosed Securities and Exchange Commission (SEC) investigation, according to a July 2025 Freedom of Information Act request.

The firm noted that even a “meager shock” to Dasher supply would be devastating, as DoorDash would be forced to raise fees, which would kill demand, or raise payouts, which would kill profits.

Culper states that based on its calculations, a mere 10-11% increase in Dasher pay would wipe out the entirety of the company’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $1.9 billion in 2024.

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