GOTO Speaks on Tokopedia Mass Layoffs With 24.99% Stake

JAKARTA — PT GoTo Gojek Tokopedia Tbk (GOTO) has finally spoken out in response to the wave of reports on large-scale layoffs at PT Tokopedia. Although it is no longer the main controlling shareholder, GOTO’s position as a minority shareholder still places the company in a strategic position to monitor the e-commerce firm’s internal dynamics.
Based on a disclosure submitted to the Indonesia Stock Exchange (BEI) on Saturday (7/4/2026), GOTO Director Simon Tak Leung Ho said the company respects any management decision at Tokopedia regarding organizational adjustments. At present, GOTO is still recorded as holding 24.99% of the shares in the e-commerce company.

Measured Financial Impact and Investment Position

The market had been wondering how deeply this efficiency drive would affect GOTO’s balance sheet. Simon emphasized that the impact of the corporate action on GOTO tends to be limited. This is due to the investment recognition method the company uses in its financial statements.
“The Company records its investment in PT Tokopedia using the equity method in accordance with PSAK 228, namely investments in associates and joint ventures,” Simon said in the official statement. Under this arrangement, GOTO sees no material impact, either financial or non-financial, on the company’s profit and loss statement from the news circulating publicly.
In accounting practice, the equity method does limit the risk of losses that an investor must bear directly in the parent company’s profit and loss statement, unless the investment’s value experiences a significant impairment. For GOTO investors, this explanation signals that restructuring at the subsidiary level will not shake their short-term financial fundamentals.

Restructuring Under TikTok’s Control

News about drastic efficiency measures at Tokopedia first surfaced on social media, which mentioned plans to cut as many as 90% of employees. TikTok, as the controlling shareholder with 75% since late 2023, is indeed carrying out a major overhaul of the operational structure after the acquisition.
A TikTok spokesperson explained that their main focus now is aligning the research and development (R&D) organization. The adjustment is claimed to aim at driving more sustainable long-term growth for the business, including for creators and seller partners on the platform. The technology integration between TikTok Shop and Tokopedia’s system requires strict efficiency to avoid overlapping functions.
“This is not an easy decision. We are focused on providing support to colleagues affected during this transition period,” TikTok said in its statement on Friday (7/3/2026). This restructuring effort reflects the new owner’s ambition to reshape the business model into one that is leaner, more competitive, and more adaptive to content-video-based shopping features, which are TikTok’s main strength.

The Efficiency Cycle and the E-Commerce Industry

Since the majority acquisition by the Chinese tech giant, Tokopedia has regularly taken efficiency measures. For the 17-year-old company, workforce adjustments are part of its effort to adapt to Indonesia’s increasingly fierce competitive landscape. The e-commerce sector is no longer pursuing growth fueled by cash burn, but operational efficiency to achieve profitability.
Here is a summary of Tokopedia’s share ownership position as of July 2026:
Shareholder
Ownership Stake
TikTok (ByteDance)
75.01%
PT GoTo Gojek Tokopedia Tbk
24.99%
Although the new management continues to restructure, TikTok emphasized its commitment to keep injecting capital and development into Tokopedia. The focus ahead is on improving user services and strengthening the digital ecosystem that connects buyers and sellers more efficiently. Financial support from the majority operator remains the main anchor for Tokopedia’s operational continuity amid labor market uncertainty.

Implications for Investors and the Ecosystem

Investors are now waiting to see whether this organizational downsizing can bring Tokopedia back onto a more stable profitability path or instead trigger more fundamental business changes in the future. Market attention is now shifting to the quarterly performance that GOTO and related entities will publish at the end of the year.
Beyond internal company issues, industry players are also watching the regulator’s response to this major consolidation. An operational transition involving thousands of workers will certainly draw attention from labor authorities, especially regarding the rights of affected employees.
The next move by TikTok management in Jakarta will determine whether this efficiency drive truly leaves a much smaller workforce share or whether another strategy is being prepared to secure the company’s operations. As time goes on, the effectiveness of this system integration will be tested in the market. Tokopedia’s operational resilience will be the main benchmark for whether this “shortcut” approach is on target to maintain its share of Indonesia’s still-hot e-commerce market, even as growth slows. GOTO itself is now more focused on diversifying its fintech and on-demand services business, while watching the remainder of its investment from the passenger seat.