Big Boss GOTO reveals cause of stock drop to many ARBs


PT Big Boss GoTo Gojek Tokopedia Tbk (GO TO) revealed the cause of the drop in shares of the company that subsequently suffered the lowest drop in a day or minimum automatic rejection (ARB).

PT GoTo Gojek Tokopedia Tbk (GOTO) President Patrick Cao said many factors are beyond the company’s control. The factors causing the stock to decline are mentioned starting from macroeconomic conditions, capital markets, conditions, competition and company performance.

“The share price fluctuations are the same as the shares of other public companies, which is a market mechanism influenced by various factors, not limited to macroeconomic conditions, capital markets, conditions, competition and corporate performance,” it said in a Virtual GOTO Public Exhibition, Thursday (8/12/2022).

“Many of these variables are beyond the company’s control and knowledge,” he continued.

It also noted the expiry of the stock freeze period GO TO on November 30, 2022 yesterday, the burden on the company’s shares was also added. Because large investors before the IPO were able to make their profits by selling shares of the company.

Even so, his party said the company would still focus on boosting the company’s performance through existing products. Efficiency will also be done to accelerate the profit or profit increase of the company.

“The company continues to focus on sustainably growing product prospects, increasing quality user engagement, and increasing efficiencies to accelerate our path to profitability,” he said.

“In addition, the company continues to build relationships with potential new investors, especially in view of the potential inclusion of our global index in the first half of 2023,” he concluded.

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For your information, GOTO shares today at the opening of trading are not yet in the green zone. Shares of the company again posted their lowest drop in a day or automatic rejection bottom (ARB).

Quoted from RTI data, on Thursday (7/12/2022), GOTO shares as of this morning dropped 7 points or 6.64% to a level of IDR 100 from their previous position of IDR 107.

At the opening around 09.07 WIB, there were 166.38 million shares GO TO already transacted. The value of the transaction reached IDR 16.63 billion.


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