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Raffi was more elaborate, posting a video about how the money he invested in M Cash had gone up more than 20%. “$antm is unstoppable,” Kaesang said in one tweet.

On January 4, media personality Raffi Ahmad let his 57.8 million-strong Instagram audience know that he’d invested in digital infrastructure firm M Cash Integrasi, whose stock jumped by 6% and has shot up nearly 300% from when the post was made. The share price surged over the second half of December and has hovered at levels about 50% higher since then. Over the span of three weeks, starting mid-December last year and ending in early 2021, Kaesang Pangarep, the youngest son of Indonesian president Joko Widodo, tweeted nine times about the stock of mining company Antam to his 2 million followers. Then, it went viral.”īukalapak stock jumped 25% on its debut, hitting the bourse’s upper limit before crashing on the third day.

“We said, We must tag Cathie Wood so that she looks at Indonesian tech, that we’re not less than any other Southeast Asian countries, like Singapore, and that we have the most unicorns,” she recalled. “We were just joking around,” Sutandi told Rest of World. Sutandi admitted to having played a hand in mobilizing hundreds of people on Twitter to mention Cathie Wood, albeit accidentally. InstagramĬi Tjoe Ay (“Sister” Tjoe Ay) is an affectionate name for Kartika Sutandi, the chief marketing officer at Jarvis Asset Management, a $56.7 million fund based in Jakarta.

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That has raised questions about the harm to inexperienced traders, as stocks like Bukalapak go on an erratic rollercoaster of online enthusiasm.Ī site linked to investing education group Gatherich’s Instagram account, describing their Billionaire Class, where attendees can pay to learn how to ‘let money find you’. But hazy regulations about investment advice leave ambiguity about exactly when influencer promotions veer into targeted stock boosterism.įresh investors led astray by spurious trading advice have called for the government to take action against “ pom-pomers,” influencers who share tips but lack expertise. Sharing your latest investing obsession with your thousands of online followers isn’t illegal. Indonesia’s online influencer culture, which sees YouTubers promoting a controversial government jobs policy and indie rockers boosting crypto assets, has quickly taken root in the country’s booming trading community. At the time of the Bukalapak IPO, the latter shared retweet-ready posts to influencers it designated as “key opinion leaders,” and encouraged followers to “retweet and enliven today’s trending topic, Bukalapak IPO.” Efendy, it turned out, operates a YouTube channel called Indonesia Investment Education (11,100 subscribers) and a popular Telegram group called IDX Trading Community (ITC) with over 33,000 members. I found two names - Rita Efendy and Ci Tjoe Ay,” Rifai told Rest of World. “I saw people saying they were told to mention Cathie Wood so that she would look at Bukalapak. Elsewhere, one branch of tweets was frantically mentioning Cathie Wood, the high-profile American tech investor and founder of the $50 billion ARK Invest management firm. Well-known figures, like social media personality Pantun Galimar and stand-up comedians Fico Fachriza and Arie Kriting, were recirculating the hashtag, along with exuberant promises of profit. A month later, at the culmination of Bukalapak’s listing process, another hashtag, #BukalapakIPO, emerged.Īs he dug, Rifai found that it was being boosted by a diverse cast of characters. He tallied up a total of 2,982 tweets that contained the keywords “beli saham Bukalapak” (buy Bukalapak shares) and the hashtag #BeliBuka (Buy Buka), which he suspected were pushed by a network of bots.

Suspicious, he investigated, using the Twitter scraping tool Twint, to extract data on hashtags relating to the IPO, and Gephi, to visualize patterns in their use. Rifai opened Twitter, where he saw a slew of tweets about the listing. Rifai is a former business journalist and self-described “enthusiastic startup watcher,” and that morning, one of Indonesia’s biggest tech companies, Bukalapak, announced plans for its much-anticipated IPO in Jakarta, which was expected to value the e-commerce platform at $6 billion. At midnight on July 9, Ahmad Rifai was restless.

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