Indonesian food and beverage giant Mayora got a dose of that Elon Musk hype in the stock market after the Tesla CEO was gifted a popular coffee-flavored candy by the company.
Amid all the noise related to his buyout of Twitter, Musk yesterday met with Coordinating Maritime Affairs and Investment Minister Luhut Pandjaitan in the US to discuss Tesla’s possible investment in nickel-rich Indonesia.
Related — Luhut Pandjaitan meets new Twitter boss Elon Musk to discuss EV investment
One photo from the meeting that has garnered the most attention back home depicted Luhut offering Musk a bag of Kopiko candies as a small token from Indonesia.
True enough, Mayora’s share price shot up as much as 7.35 percent on Tuesday, closing out the day at IDR1,750 (US$0.12) apiece. This morning, the share price peaked at IDR1,780.
Alas, all things that go up must come down, even those that benefit from the Elon Musk effect (Dogecoin, anyone?). Towards the close of this morning’s trading session, Mayora’s share price has dropped significantly to as low as IDR1,730 apiece, undoubtedly because the recent stonks triggered sell-offs by those capitalizing on the sharp gain.
At any rate, Mayora was delighted by the exposure for one of its most popular products.
“Kopiko is an original Indonesian product that is now in more than 100 countries. It has also been taken to space by astronauts,” Mayora Global Marketing Director Ricky Afrianto said, adding that Luhut offered the candy to Musk due to the latter founding SpaceX.
Subiakto Priosoedarsono, an Indonesian branding icon who pitched the idea for Kopiko 36 years ago, could not contain his delight after seeing Musk enjoy the candy.
“I never expected that the idea I birthed in 1986 would be eaten by the richest person on earth,” he wrote on Instagram.
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