Emtek Cofounders Eddy Sariatmaadja And Susanto Suwarto Get A Wealth Boost

This story is part of Forbes’ coverage of Indonesia’s Richest 2020. See the full list here.

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Rising digital consumption during the pandemic benefited media firm Elang Mahkota Teknologi (Emtek), lifting the wealth of cofounder Eddy Sariaatmadja by roughly 80% to $1.4 billion. Emtek’s shares have surged nearly 70% since January as the company returned to profitability after a year in the red.

For the first three quarters, it posted a 477 billion rupiah ($34 million) profit as its streaming service Vidio proved popular with those housebound. Emtek also benefited from exclusive Indonesian broadcast rights to Liga 1 and UEFA Champions League soccer matches. The share surge also propelled Emtek cofounder Susanto Suwarto into the ranks for the first time. In November, Emtek’s e-commerce subsidiary Bukalapak raised $100 million from Microsoft and existing shareholders to support its online services.