JAKARTA, Indonesia — In a dramatic turn of events, Marina Budiman, Indonesia’s wealthiest woman and president commissioner of DCI Indonesia, saw her fortune plummet from $7.5 billion to $3.9 billion in just three days, from March 16 to March 19, 2025. The staggering loss, amounting to $3.6 billion, was triggered by a steep decline in the stock of PT DCI Indonesia Tbk (DCII), a leading data center provider, amid what analysts are calling Indonesia’s worst market crash in a decade. The episode has spotlighted the volatility of Indonesia’s equity market and the risks tied to concentrated wealth in high-growth sectors.
Budiman’s meteoric rise had been fueled by a rally in DCI Indonesia’s stock, which gained her roughly $350 million daily for three weeks prior to the crash, according to the Bloomberg Billionaires Index. By Tuesday’s close on March 18, however, the shares had erased more than half their gains since mid-February, as reported by the South China Morning Post. The stock’s free fall was so severe that it prompted a 30-minute trading halt, a rare measure in Jakarta’s bustling market, noted by Malay Mail.
So, what caused this financial whirlwind? Analysts point to a toxic mix of domestic economic woes, global pressures, and company-specific vulnerabilities. Indonesia’s fiscal outlook has deteriorated, exacerbated by uncertainties surrounding President Prabowo Subianto’s economic policies since he took office in October 2024. These policies, aimed at ambitious infrastructure growth, have sparked concerns over fiscal sustainability, rattling investors. Adding to the chaos, global factors like U.S. tariff threats and escalating trade tensions have pummeled emerging markets, with Indonesia bearing the brunt.
Yet, DCI Indonesia’s own profile amplified the damage. The company, a titan in Southeast Asia’s data center industry with a 300 MW capacity and plans for expansion, had been trading at a jaw-dropping price-to-earnings ratio of 416 times—far beyond sustainable levels, per South China Morning Post. With last year’s revenue at $112 million and profit at $49 million, the stock’s valuation had been propped up by hype, including speculation of deals with tech giants like Oracle Corp.
The ownership structure didn’t help. About 78% of DCI’s shares are held by just four individuals—Budiman, Han Arming Hanafia, Otto Toto Sugiri, and billionaire Anthoni Salim—leaving a slim free float that fueled volatility. “When you have such a tight ownership, any shift can send prices swinging wildly,” Mohit Mirpuri of SGMC Capital Pte told Bloomberg. Indeed, the stock’s weekly volatility had spiked from 9% to 16% over the past year, according to Simply Wall St.
Indonesia’s equity market is no stranger to such rollercoaster rides. The boom-and-bust cycle that saw DCI’s controlling shareholders gain over $17 billion before the crash is a recurring theme, reflecting both opportunity and peril in a nation racing to digitize. For Budiman, whose wealth had briefly crowned her a symbol of Indonesia’s tech-driven future, the plunge is a stark reminder of the risks lurking beneath the surface.
The fallout extends beyond one billionaire. The market rout has raised questions about Indonesia’s economic stability as it navigates domestic policy shifts and a stormy global landscape. For now, DCI Indonesia remains a key player in the region’s digital infrastructure, but its stock’s wild ride—tracked on Yahoo Finance—serves as a cautionary tale for investors betting big on emerging markets.
As the dust settles, Budiman’s halved fortune underscores a broader truth: in Indonesia’s high-stakes market, fortunes can vanish as quickly as they appear.
