Indonesia’s Richest Woman Loses $3.6 Billion in Three Days
Jakarta. Marina Budiman, Indonesia’s richest woman, has seen her fortune shrink by $3.6 billion in just three days due to sharp fluctuations in her company’s stock.
Earlier this month, Marina, the chief commissioner of DCI Indonesia (DCII), the country’s largest data center operator, had a net worth of $7.5 billion after the company’s stock surged beyond the upper trading limit. The rally briefly positioned her as the wealthiest woman in Indonesia, according to the Bloomberg Billionaires Index.
However, DCII’s stock soon plummeted, wiping out nearly half of her fortune in just a matter of days.
Marina, along with DCII co-shareholders Otto Toto Sugiri and Han Arming Hanafia, had a combined net worth of $17 billion before the stock downturn. By the close of trading on Tuesday, DCII shares had lost more than half of their gains since the rally began in mid-February.
On Tuesday, DCII’s market valuation stood at nearly $17 billion, despite the company reporting just $112 million in revenue and $49 million in profit last year. Its stock was trading at 416 times its profit, the highest valuation among its industry peers.
Marina, 63, co-founded DCII more than a decade ago alongside Toto and Hanafia. Together with Anthoni Salim, the three hold a controlling 78 percent stake in the company.
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