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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: S. maltophilia who wrote (435110)11/16/2020 1:37:13 PM
From: S. maltophilia   of 436251
 
sequel to the story:
DoorDash and Societal Arbitrage

I caught this bit in Verge coverage of the Doordash S-1:

Under “factors affecting our performance,” the company says its rapid growth strained its IT and accounting systems, processes, and personnel, and an independent auditor found “material weakness in our internal control over financial reporting.” [emphasis mine]

It was funny to read it laid out like that. That lack of cohesive financial controls which created an environment where a $24 pizza could be sold for $16 was explicitly acknowledged in the S-1. I had promised myself I wouldn't dive too deep into the S-1 yet, but figured I'd do a quick CMD+F for "internal controls".....

themargins.substack.com
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