Jakarta. Kevin Bryan Aluwi, co-founder of Gojek, has sold his entire holding of Series A shares in tech conglomerate GoTo Gojek Tokopedia (GOTO), as the ride-hailing company's stock remains under pressure, closing at its lowest point of Rp 50 on Friday.

According to the monthly shareholder registration report as of June 30, Aluwi no longer holds any Series A GOTO shares. Previously, he owned 583.38 million (0.05 percent) Series A shares, representing a 0.02 percent voting right.

There has been no official statement regarding the change in Aluwi's ownership of Series A GOTO shares. However, he still holds 3.27 billion Series B GOTO shares as of June 30, giving him a 3.7 percent voting right.

Former GOTO co-founders William Tanuwijaya and Andre Soelistyo have been active in buying and selling Series A GOTO shares. Meanwhile, Patrick Sugito Walujo, currently the company’s CEO, has increased his stake in GOTO shares.

In the monthly shareholder registration report for June 2024, published on Tuesday, it was revealed that William's holdings in GOTO increased from 7.29 billion Series A shares (0.61 percent) to 8.36 billion shares (0.7 percent). This means the former Tokopedia founder added 1.065 billion GOTO shares. Assuming the current share price of Rp 50 per share, William spent approximately Rp 53.2 billion.

In contrast, Andre reduced his Series A GOTO holdings by selling 368.15 million shares, bringing his ownership down from 2.61 billion (0.22 percent) to 2.24 billion shares (0.19 percent).  Andre Soelistyo had resigned from his position as a commissioner of GOTO last month.

The holdings of Series B shares by both William and Andre remained unchanged.

Patrick Walujo increased his stake by purchasing 98.5 million GOTO shares, raising his holdings from 267 million shares (0.02 percent) to 365.75 million shares (0.03 percent). At the current share price of Rp 50 per share, Patrick invested Rp 4.92 billion to increase his stake.

In addition to the buying and selling activities by former executives and the CEO, GOTO has quietly executed a share buyback as decided in the annual general meeting of shareholders (RUPS). According to the June 2024 monthly shareholder registration report, GOTO’s treasury shares increased to 1.17 percent (14.08 billion shares) from 0.85 percent (10.26 billion shares), indicating a buyback of 3.82 billion shares during June. At the highest share price of Rp 52 per share in June, GOTO spent approximately Rp 198 billion, reflecting 6.2 percent of the Rp 3.2 trillion allocated for the buyback from internal funds.