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GoTo boss rejects ‘nonsense’ claim of govt meddling in TikTok deal
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The logo of e-commerce platform Tokopedia is seen during the launch of it and video sharing app TikTok's Buy Local Campaign in Jakarta on Dec. 12, 2023. (AFP/Yasuyoshi Chiba)
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oTo CEO Patrick Walujo has dismissed allegations that the government’s recent curbing of TikTok’s operations in Indonesia was a collusive act intended to compel the Chinese short-video platform to strike a deal with the Indonesian tech giant’s e-commerce arm, Tokopedia.
“People say it was a conspiracy between the government and GoTo and that banning [TikTok] created an opportunity for us. That’s utter nonsense,” Patrick told the audience during a panel discussion at a DealStreetAsia event in Jakarta on Thursday.
There had been a time when every major player in the country, not just GoTo, had been actively wooing the ByteDance subsidiary, Patrick said.
“We worked and negotiated really hard for the result,” he added.
In December 2023, TikTok agreed to pay US$1.5 billion for a 75.01 percent stake in Tokopedia, while Tokopedia’s parent company GoTo would retain the remaining 24.99 percent.
Read also: TikTok marks e-commerce return with $1.5 billion deal to acquire Tokopedia
While some observers raised concerns about GoTo being left with a minority stake, Patrick claimed the deal was a strategic maneuver to address competency gaps and propel the e-commerce business toward profitability.
