GOTO Stock Plunges 20% After TikTok Investment, What's the Reason?

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Cindy Mutia Annur 12/12/2023 12:33 WIB

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GOTO shares plummeted 20.37% to Rp86 per share at the close of trading on Monday (11/12/2023). This sharp decline occurred after the announcement that TikTok would invest US$1.5 billion in Tokopedia.

GoTo Gojek Tokopedia Tbk Stock Price Movement (April 11, 2022 - December 12, 2023)

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GoTo Gojek Tokopedia Tbk Stock Price Movement (April 11, 2022 - December 12, 2023)

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GoTo Gojek Tokopedia Tbk (GOTO) shares plummeted 20.37% to Rp86 per share at the close of trading on Monday (11/12/2023). This sharp decline occurred after the announcement that TikTok had invested US$1.5 billion, or Rp23.46 trillion (assuming an exchange rate of Rp15,640/US$), in Tokopedia.

Earlier in yesterday's trading session, shares of the combined Gojek and Tokopedia company had risen to Rp110 per share.

According to RTI Business, by the end of yesterday's trading, GOTO's trading volume reached 34.08 billion shares, with a transaction value of Rp3.23 trillion and a frequency of 232,789 times.

GOTO was the most heavily sold stock by foreign investors, with a value of Rp615.3 billion. As a result, GOTO became the top loser in yesterday's trading.

Although it fell, yesterday's closing price for GOTO shares was not the lowest since the issuer listed on the Indonesia Stock Exchange (BEI). The lowest share price reached its lowest level on October 27 and 30, 2023, at Rp56 per share.

Ellen May, Founder and CEO of Emtrade, said that yesterday's decline in GOTO shares was quite normal, considering the rapid rise in the issuer's share price ahead of the announcement of the investment related to the acquisition.

According to Ellen, the rise in GOTO's share price lacked a solid foundation, both fundamentally and technically.

"With a market cap this large, it's not normal for it to be a V-shaped recovery (in terms of technical chart). Logically, big money, when accumulating, will collect its shares slowly," said Ellen, as quoted by Katadata on Monday (11/12/2023).

Ellen continued, explaining that large fund managers, or "big money," would not experience fear of missing out (FOMO). These large fund managers, she said, usually move sideways or rise slowly.

"If, like yesterday, something rises and is bought up quickly, it's not something fundamental. So a drop like this is very normal," said Ellen.

Furthermore, TikTok's move to become the new controlling shareholder of Tokopedia with a 75.01% stake only slightly benefits GOTO.

"So later, when sales from TikTok enter Tokopedia, the big winner will be TikTok rather than GoTo. But there is also a small positive for GoTo," she said.

Ellen added that GOTO's fall, coupled with large transaction volumes, could cause its shares to fall further. She even predicted that GOTO shares could fall to the Rp60 to Rp70 range per share.

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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GOTO Stock Plunges 20% After TikTok Investment, What's the Reason?

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