Market Commentary
Research, CNBC Indonesia
Market
Wednesday, 09/08/2023 16:28 WIB
Photo: LPEM UI Research Launch Press Conference: The Economic Impact of the GoTo Ecosystem on the National Economy in 2022 (CNBC Indonesia/Novina)
Jakarta, CNBC Indonesia – The shares of a technology issuer, PT GoTo Gojek Tokopedia Tbk (GOTO), ended up collapsing by more than 10% on Wednesday trading (9/8/2023).
Until the end of today’s trading, GOTO shares fell 10.58% to Rp 93/share. Now, GOTO shares are trading below the psychological level of IDR 100 per share. GOTO last touched the price range of IDR 90 per share on April 27 trading.
Today’s GOTO shares were traded 76,152 times with a volume of 8.58 billion shares and the transaction value has reached IDR 828.13 billion. The current market capitalization is IDR 110.15 trillion.
The reason for the decline in GOTO shares is not yet known. However, there were several rumors that made GOTO’s stock sink today.
According to sources that have been confirmed by CNBC Indonesia, GOTO will release its financial performance in the first half of 2023 next week. However, the day of the release of its financial performance in the first half of 2023 is not yet known.
Even so, there are rumors that GOTO’s financial reports in the first semester of 2023 have leaked and there are indications that GOTO’s losses have grown.
In addition, investors also seem to attribute the decline in GOTO shares to problems related to the IRL social media company’s deceitful case.
GoTo shareholder, SoftBank Vision Fund, sued IRL and accused IRL of lying about user numbers in order to entice investors to provide funding, including SoftBank.
The lawsuit against IRL was filed by SoftBank Vision Fund in the federal court of San Francisco, United States of America. SoftBank accused the IRL of tampering with the company’s performance data, including inflating user activity figures.
Through inflating these figures, according to the lawsuit, IRL earned millions of US dollars from several investors.
IRL social media launched in April 2021. At its launch, IRL was touted as one of the fastest growing social media apps for Gen Z.
SoftBank says their decision to invest in IRL is low cost companies and active users so they are in a position to explode and go viral like Facebook and Twitter.
In May 2021, a month after launch, SoftBank invested US$ 150 million IRL through the Vision Fund. SoftBank bought US$125 million worth of shares from the company and US$25 million worth of shares from former shareholders including IRL CEO Abraham Shafi, Noah Shafi and Yassin Aniss.
SoftBank was notified that IRL active users reached 12 million. However, according to the lawsuit, the figure is a lie. IRL saturates their platform with bots to appear crowded to “deceive investors.”
The IRL scam started strongest when the US Stock Trading Commission (SEC) investigated IRL in late 2022. In April 2023, Abraham Shafi was fired and the company dissolved in June.
SoftBank Vision Fund is an investor in Tokopedia. After Tokopedia merged with Gojek, SoftBank became one of GOTO’s shareholders.
CNBC INDONESIA RESEARCH
market@cnbcindonesia.com
Disclaimer: This article is a journalistic product in the form of views from CNBC Indonesia Research. This analysis does not aim to persuade readers to buy, hold, or sell related investment products or sectors. The decision is entirely up to the reader, so we are not responsible for any losses or profits that arise from that decision.
Watch the video below:
Video: Successfully Paying off Jumbo Debt, BUMI Shares Are Ready to Fly?
2023-08-09 09:28:53
#GOTO #Shares #Closed #Subsided #IDR #93share
