GoTo Recovers From 19% Swoon After Founder’s Surprise Sale
- Investors shaken by uncertain business, political environment
- Indonesia’s biggest tech firm plunged as much as 19.4%
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GoTo Group recouped most of its losses after revelations of a sale of stock by a co-founder ignited a 19% selloff, a dramatic swing that reflected concerns about the business prospects of a Southeast Asian industry bellwether.
Indonesia’s biggest tech firm plunged its most on record early on Monday after William Tanuwijaya disclosed he unloaded 332 million shares of the company, reducing his slice of the company to 1.72% from 1.77%. But GoTo recovered after analysts argued the selloff was overdone and not supported by fundamentals. It stood largely unchanged in afternoon trade.