GoTo Has No Plan to Sell Stake to TikTok
Jakarta. Tech company GoTo confirmed on Friday that it is in negotiations with ByteDance, the Chinese tech giant behind the video-sharing app TikTok, regarding potential collaboration in the e-commerce sector.
TikTok aims to re-establish its e-commerce service following its previous ban by the Indonesian government due to license violations as a social media company.
Media reports suggested TikTok is exploring a partnership with Indonesia's leading online trading platform, Tokopedia, which, together with the ride-hailing firm Gojek, forms GoTo.
Corporate Secretary of GoTo, RA Koesoemohadiani, clarified in a statement that the ongoing discussions do not involve any plans to sell a stake to TikTok.
"Regarding the speculated partnership between Tokopedia and ByteDance or TikTok, ongoing discussions focus solely on potential collaboration to advance the e-commerce landscape in Indonesia," Koesoemohadiani said.
She dismissed reports suggesting discussions included GoTo's proposal to sell a 50 percent stake to TikTok or any other investor.
"There are no intentions from ByteDance or TikTok to acquire a stake in our company, nor do we have plans to issue new shares," she said, adding that individual decisions by GoTo's investors to sell their shares to TikTok would stand independent of the ongoing discussions.
Indonesia's current regulations prohibit social media companies from venturing into e-commerce or social commerce.
Tags: Keywords:Related Articles
TikTok Denies Mass Tokopedia Layoffs, Opens 100 Jobs in Indonesia
TikTok says it is hiring for more than 100 jobs in Indonesia, denying reports it laid off 90% of Tokopedia's workforce.
GoTo Says TikTok Shop-Tokopedia Layoffs Won't Materially Affect Earnings
GoTo said TikTok Shop-Tokopedia's reported layoffs won't materially affect earnings or its 24.99% stake.
DPR Drafts Law to Give Ride-Hailing Drivers Public Transport Status
Indonesia is drafting a law to recognize motorcycle ride-hailing as public transport and strengthen protections for millions of drivers.
Indonesia Lawmakers to Summon TikTok Shop Over Frozen Seller Funds
Indonesian lawmakers will summon TikTok Shop after hundreds of MSMEs reported billions of rupiah in frozen seller balances.
Indonesia Cuts Ride-Hailing Commission Cap to 8%, Reclassifies Drivers
Indonesia capped ride-hailing commissions at 8% and classified drivers as micro businesses to boost incomes and benefits.
Court Sentences Nadiem Makarim to 10 Years in Chromebook Case
Former minister Nadiem Makarim was sentenced to 10 years in prison in Indonesia's Chromebook corruption case.
Gojek to Cut Ride-Hailing Commission to 8% Starting July 1
Gojek will cut commissions to 8% from July, allowing drivers to retain 92% of fares under new rules.
Grab and Gojek Cut Motorcycle Ride Commissions to 8% Following Prabowo's Pressure
The new policy lowers commission rates from the current framework, which allows operators to deduct up to 20% from drivers’ earnings.
GoTo Sinks to Floor Price as FTSE Russell Drops Stock From Global Index
GoTo shares remained stuck at Rp 50 as FTSE Russell removed the stock from a global index, intensifying liquidity concerns.
Operational Costs Cut Indonesia’s Ride-Hailing Drivers Income to Just $95
Online motorcycle taxi or ojol drivers used to earn Rp 2.9 million (almost $163) in net income a month in 2023, IDEAS says.The Latest
Pullman Hotel Fire in Jakarta Suspected to Stem From Electrical Fault
Police will deploy a forensic team to investigate a fire at Pullman Hotel in West Jakarta, with an electrical fault suspected as the cause.
Pertamina Slashes Prices of Three Fuels From Aug. 1
Pertamina cut prices for three non-subsidized fuels from Aug. 1.
Trump Too Stubborn to Rejoin Paris Agreement: Indonesian Minister
Indonesia's Environment Minister Jumhur Hidayat says other countries should deal with Trump quitting the Paris Accord.
Indofood Sales Rise 9% as Rupiah Weakness Hits First-Half Profit
Indofood’s first-half sales rose 9%, but net profit fell 19% as rupiah weakness increased unrealized foreign-exchange losses.
JCI Ends Week Higher as Investors Digest Earnings, Fed Decision
JCI rose 0.64% as strong corporate earnings offset uncertainty over Bank Indonesia’s leadership and foreign outflows.Most Popular
