Mixing Markets, Faith, and Instagram
Bloomberg Businessweek|July 19, 2021
A celebrity preacher in Indonesia shows that meme stocks are a global phenomenon
Fathiya Dahrul and Soraya Permatasari
Mixing Markets, Faith, and Instagram

If you’re looking to invest in Indonesia, you can read about the local economy, analyze companies from the bottom up, or maybe call a broker for ideas. Or you could just check out the latest social media post from one of the country’s most popular clerics.

Jam’an Nurchotib Mansur isn’t your run-of-the-mill ustadz, or Muslim teacher. As a young man, he spent some time in jail. Today, at 45, he runs an asset management business on the side and led a deal to invest in a local bank. When he’s not preaching, he posts stock picks to his social media accounts, where 13 million followers tune in for inspiration.

“I don’t understand stock trading, but I usually look at his postings for ideas,” says Fithriyah, a 35-year-old who follows Mansur’s Instagram account and started investing only this year. “He is an ustadz, who always preaches for self-discipline and not to become greedy, so I trust him.” (Like many Indonesians, Fithriyah doesn’t have a last name.)

In November, the preacher, who’s also known as Yusuf Mansur, said on Instagram that he thought a money-losing state-owned airline, PT Garuda Indonesia, would recover once the pandemic ebbs. The company’s stock surged as much as 45% over the next week. A month later, Mansur was talking up air transport servicer PT Garuda Maintenance Facility Aero Asia. Those shares jumped 55% over the next two days.

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM BLOOMBERG BUSINESSWEEKView all
Instagram's Founders Say It's Time for a New Social App
Bloomberg Businessweek US

Instagram's Founders Say It's Time for a New Social App

The rise of AI and the fall of Twitter could create opportunities for upstarts

time-read
4 mins  |
March 13, 2023
Running in Circles
Bloomberg Businessweek US

Running in Circles

A subscription running shoe program aims to fight footwear waste

time-read
3 mins  |
March 20 - 27, 2023
What I Learned Working at a Hawaiien Mega-Resort
Bloomberg Businessweek US

What I Learned Working at a Hawaiien Mega-Resort

Nine wild secrets from the staff at Turtle Bay, who have to manage everyone from haughty honeymooners to go-go-dancing golfers.

time-read
10 mins  |
March 20 - 27, 2023
How Noma Will Blossom In Kyoto
Bloomberg Businessweek US

How Noma Will Blossom In Kyoto

The best restaurant in the world just began its second pop-up in Japan. Here's what's cooking

time-read
3 mins  |
March 20 - 27, 2023
The Last-Mover Problem
Bloomberg Businessweek US

The Last-Mover Problem

A startup called Sennder is trying to bring an extremely tech-resistant industry into the age of apps

time-read
10+ mins  |
March 20 - 27, 2023
Tick Tock, TikTok
Bloomberg Businessweek US

Tick Tock, TikTok

The US thinks the Chinese-owned social media app is a major national security risk. TikTok is running out of ways to avoid a ban

time-read
10+ mins  |
March 20 - 27, 2023
Cleaner Clothing Dye, Made From Bacteria
Bloomberg Businessweek US

Cleaner Clothing Dye, Made From Bacteria

A UK company produces colors with less water than conventional methods and no toxic chemicals

time-read
3 mins  |
March 20 - 27, 2023
Pumping Heat in Hamburg
Bloomberg Businessweek US

Pumping Heat in Hamburg

The German port city plans to store hot water underground and bring it up to heat homes in the winter

time-read
3 mins  |
March 20 - 27, 2023
Sustainability: Calamari's Climate Edge
Bloomberg Businessweek US

Sustainability: Calamari's Climate Edge

Squid's ability to flourish in warmer waters makes it fitting for a diet for the changing environment

time-read
4 mins  |
March 20 - 27, 2023
New Money, New Problems
Bloomberg Businessweek US

New Money, New Problems

In Naples, an influx of wealthy is displacing out-of-towners lower-income workers

time-read
4 mins  |
March 20 - 27, 2023