How Does GoTo Respond to Reports of Tokopedia's 90% Layoffs?

TEMPO.CO, Jakarta – GoTo Gojek Tokopedia has spoken out following widespread reports of mass layoffs at PT Tokopedia, saying it respects every decision taken or to be taken by the e-commerce company's management as part of its organizational restructuring plan.

GoTo Corporate Secretary R. A. Koesoemohadiani said the restructuring is expected to have only a limited impact on the company's financial and non-financial performance.

GoTo Expects Limited Financial Impact

"Considering that in January 2024, the company's ownership was diluted to 24.99 percent, the company no longer consolidates PT Tokopedia," Koesoemohadiani said in a disclosure submitted to the Indonesia Stock Exchange (IDX) on Saturday, July 4, as quoted by Antara.

Since January 2024, GoTo has accounted for its investment in PT Tokopedia using the equity method in accordance with Indonesia's Financial Accounting Standard (PSAK) 228 on investments in associates and joint ventures. As a result, any financial impact on GoTo would be limited to its share of Tokopedia's net profit or loss.

"Nevertheless, in relation to the above, specifically regarding the news about the organizational adjustment plan by PT Tokopedia, based on the company's estimation, there will be no material impact on the company's share of PT Tokopedia's net profit/loss," Koesoemohadiani said.

She also said the company does not expect any impact on the e-commerce service fees it receives from PT Tokopedia.

"Regarding the non-financial aspect, the company also does not anticipate any material impact related to the circulating news," she added.

Because the expected impact is limited, GoTo does not plan to take any specific action in response to Tokopedia's restructuring.

"As of the date of this letter, GoTo has no plans in the near future regarding its ownership in PT Tokopedia," Koesoemohadiani said.

Layoff Reports Yet to Be Confirmed

The statement came after claims circulated on social media that TikTok, through its Indonesian business entity PT Tokopedia, had laid off as many as 90 percent of its employees.

However, as of the publication of this report, neither Tokopedia nor TikTok had issued an official statement confirming the reported scale of the layoffs.

Tokopedia has been controlled by TikTok Pte. Ltd. since early 2024, after GoTo divested its majority stake in the Indonesian e-commerce platform. This reduced GoTo's ownership to 24.99 percent, making Tokopedia an associate rather than a consolidated subsidiary in the group's financial statements.

Read: Why Timely Financial Reporting Matters for Danantara

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