Shares of PT GoTo Gojek Tokopedia Tbk fell nearly 7% on Thursday trade as the Indonesia-listed tech giant’s sweeping changes to leadership and organisational structure failed to cheer the market. The stock has declined almost 70% since GoTo’s $ 1.1 billion IPO in April 2022.
Despite the tepid market reaction, GoTo’s top-deck changes mark a new era for the company that will see all its original founders step aside from day-to-day functions.