The 332 million share sell-off raises e-commerce sector concerns following TikTok’s payment ban.
Shares of GoTo have tumbled over 70% from their November peak, shedding about $1.5 billion in value due to foreign fund outflows.
GoTo trimmed losses and was down about 9% in late morning trade. The disclosure coincided with the completion of a private placement involving as many 17.05 billion new shares. Some investors regarded the private placement as a warning about an urgent need for capital, JPMorgan analysts wrote Monday. There’s also uncertainty over the regulatory environment in Indonesia, after the government outlawed e-commerce on social media, a move that dealt a blow to ByteDance Ltd.’s TikTok but also raised questions about its approach to internet innovation.
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