GOTO Shares Plunge and Return to Gocap Due to Prabowo's Decision

Shares of PT Goto Gojek Tokopedia Tbk (GOTO) opened sharply down following President Prabowo Subianto’s approval of a maximum cut for ride-hailing applicators at 8%. On the opening of trading today, GOTO shares opened down 7.41% or hit the auto rejection lower limit (ARB) at Rp50 per share. This figure is the lowest price for GOTO since its IPO in 2022. GOTO shares were traded with a volume of 15.73 million shares 36.54 times. Meanwhile, its market capitalisation was recorded at Rp58.17 trillion. The transaction value reached Rp1.7 trillion and became the most active and traded on the exchange today. The weakening of the share price is in line with President Prabowo Subianto’s step to sign Presidential Regulation No. 27 of 2026 on the Protection of Online Transportation Workers. One important point in the policy is the revenue sharing between applicators and drivers. “I have signed Presidential Regulation No. 27 on the Protection of Online Transportation Workers. As I mentioned earlier, they must be given work accident guarantees, BPJS Health, health insurance,” said Prabowo. “Also, the revenue sharing that was previously 80% for drivers is now a minimum of 92% for drivers,” continued the Chairman of the Great Indonesia Movement Party. In response to this, the President Director of PT GoTo Gojek Tokopedia Tbk (GOTO) Hans Patuwo said that the company always complies with government regulations, including the directives conveyed by President Prabowo Subianto regarding the protection of online transportation workers outlined in Presidential Regulation No. 27 of 2026. “Currently, we will conduct a review to understand the details, implications, and necessary adjustments in accordance with the regulation,” explained Hans in an official statement on Friday (1/5/2026). Going forward, GoTo will continue to coordinate with the government and all stakeholders so that GoTo/Gojek can continue to provide sustainable benefits to all of society, especially Gojek driver partners and customers. Previously, GOTO announced its first quarterly net profit in history during the Q1 2026 performance presentation. GOTO also reported progress on the adjusted group EBITDA performance on track to achieve the full-year target. In the January-March 2026 reporting period, GOTO recorded a net profit of Rp171 billion, reversing from a loss in the same period the previous year of Rp367 billion. GOTO also reported adjusted group EBITDA performance in Q1 2026 of Rp907 billion and on track to achieve the full-year adjusted group EBITDA guidance of Rp3.2-3.4 trillion.