How The Richest Woman In This Country Lost Half Her Wealth In 3 Days

The richest woman in Indonesia has lost nearly $3.6 billion (approx. Rs 31,100 crore) in just three days. Marina Budiman, the co-founder and president commissioner of data centre company DCI Indonesia (DCII), saw her wealth tumble by nearly half due to the sudden fluctuations in her company's stock, according to a report in Fortune.

Earlier this month, Ms Budiman had a net worth of $7.6 billion (approx. Rs 64,800 crore) after the company's stock surged beyond the upper trading limit, making her the wealthiest woman in the country, as per the Bloomberg Billionaires Index.

But the DCII's share price collapsed within three days, wiping out almost half her wealth. 

Before the stock collapsed, Marina's and DCII co-shareholders Otto Toto Sugiri and Han Arming Hanafia's total net worth was $17 billion (approximately Rs 1.46 crore). And by the time the stock market closed on Tuesday, the DCII's shares, which had gained since mid-February, had fallen significantly.

At least 78 per cent of DCII's shares are owned by Ms Budiman, Ms Sugiri, and Ms Hanafia, and billionaire businessman Anthoni Salim.

Nirgunan Tiruchelvam, an analyst at Aletheia Capital in Singapore, said, "The selloff has been a bolt from the blue in many ways - the suddenness has caught the market by surprise."

Traders believe the drop in stock prices could be due to President Prabowo Subianto's populist policies. The other factors, according to traders for the decline of shares, were forced liquidations and uncertainty over finance ministry leadership.

In contrast to the previous year's $112 million revenue and $49 million profit, DCI concluded on Tuesday with a market value of about $17 billion. The company is trading at 416 times earnings, the highest price among the companies that Bloomberg tracks.