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Björgólfur Thor

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This is an Icelandic name. The last name is patronymic, not a family name; this person is referred to by the given name Björgólfur Thor.
Björgólfur Thor Björgólfsson
Björgólfur in 2011
Born
(1967-03-19) 19 March 1967 (age 57)
Reykjavík, Iceland
NationalityIcelandic
EducationVerzlunarskóli Íslands
Alma materUniversity of California, San Diego
New York University
Occupation(s)Investor and Entrepreneur
SpouseKristín Ólafsdóttir
Children3
Websitehttp://www.btb.is, http://www.novator.co.uk, http://thorbjorgolfsson.com/home

Björgólfur Thor Björgólfsson (born 19 March 1967), known internationally as Thor Bjorgolfsson, and colloquially in Iceland as Bjöggi,[2][3][4] is an Icelandic businessman and entrepreneur, and former chairman of Straumur-Burðarás and chairman of Novator Partners. As of June 2019, he is the richest person in Iceland and 1,115th richest person in the world according to Forbes. Björgólfur has invested in a number of larger companies and smaller startups, including Play—a Polish telecom outfit, Rebag—the luxury handbag marketplace, and Zwift—an online platform for indoor cycling.[5][6] Other companies invested in by Björgólfur and Novator include Xantis Pharma, Klang, and Lockwood Publishing.[7][8][9][10]

Björgólfur was the first Icelander to join Forbes magazine's list of the world's richest people in 2005;[11] has been declared "Iceland's first billionaire"; and was ranked as the 249th-richest person in the world by Forbes magazine in 2007—up from 350th the previous year—with a net worth of $3.5 billion.[12]

However, due to the financial crisis of 2007–2010, Björgólfur lost close to his entire fortune and he faced personal bankruptcy with more than $1 billion in debt.[13][14] He then worked out a complex deal with his creditors to pay off his debts while holding on to his key investments. Björgólfur published an autobiography in 2014 about the ordeal and how he was able to work his way back to success. Subsequently, on March 20, 2017, Forbes estimated his net worth at $1.81 billion.

Early life and career

Björgólfur Thor is heir to a long family legacy in Icelandic business and politics. His great-grandfather was the legendary Danish-born Icelandic entrepreneur Thor Jensen, who helped introduce industrial capitalism to the country in the early years of the twentieth century.[15] The eighth of Thor Jensen's eleven children was Margrét Þorbjörg Thors Hallgrímsson, whose daughter Þóra Hallgrímsson had Björgólfur Thor as her only child by her third husband Björgólfur Guðmundsson.

Björgólfur Thor grew up in the Reykjavík suburb of Vesturbær.[16] A sketch of Björgólfur Thor's early life is offered by Ármann Þorvaldsson:

His rare self-confidence made him stand out. He was immensely physically strong and bench pressed over 450 pounds. He was an entrepreneur from early on, and by the age of 11 he was delivering newspapers in the early hours of the morning. A year later he was a delivery boy at the University of Iceland and, at 13, was running his own home video delivery service. While still in high school, he was running a nightclub in Reykjavík and organised the first Oktoberfest beer festival in Iceland. After high school, he studied business in New York. Fluent in several languages, and with an unusual ability to both blend in and stand out, he embodied Iceland's internationalism.[17]

Graduating from the prestigious Commercial College of Iceland in 1987, he followed in the footsteps of some of his siblings and moved to the US, in a move he has portrayed as an attempt to escape an Iceland where he felt an outsider.[18] He began higher education at the University of California, San Diego, later transferring to The Stern School of Business at New York University,[19] graduating with a B.S. in Marketing in 1991.[20]

While studying, Björgólfur Thor took a variety of vacation jobs, including managing events[21] at Reykjavík's two biggest clubs: Tunglið and Skuggabarinn. As a result, in 1991, he met Kristín Ólafsdóttir, now a film-maker;[22] they married in 2010.[23] They have three children, Daniel (b. 2005), Lorenz (b. 2009), and Bentina (b. 2011).[24][25][26][27][23] They currently live primarily in London, United Kingdom.[28]

In 1991, Björgólfur Thor went to Russia along with his father and a friend, Magnús Þorsteinsson. The Icelandic businessmen, together with Russian partners, founded the bottling company Baltic Bottling Plant, which they sold to Pepsi. Next they founded a brewing company, originally called ООО "Торговый дом "РОСА" and eventually registered as Bravo International JSC by December 1997.[29][30] Six companies registered in Limassol, Cyprus were responsible for establishing Bravo and Björgólfur Thor was president of all of them.[29] Bravo Brewery became the fastest-growing brewery in Russia at the time, primarily through the production of the premium beer Botchkarov. Heineken bought the brewery for $325m in 2002.[29][31]

In 2000, Russia opened an honorary consulate in Iceland. Björgólfur Thor Björgólfsson was appointed Consul and Magnús Þorsteinsson was appointed Honorary Vice-Consul.[29] The opening ceremony was held on March 10, 2000.[29] In his book, Billions to Bust and Back,[32] Björgólfur Thor chronicles his time in St Petersburg, detailing how criminal elements tried to intimidate him into giving them access to his business and explaining which security measures he relied on to prevent them from doing so.

Businesses in Iceland

After leaving Russia, Björgólfur Thor[33] started investing in several Icelandic firms in 2002. By 2006, he was a celebrity for his business success, with an eight-page-long profile in the Sunday supplement of the Icelandic newspaper Morgunblaðið written about him.[34]

Novator Partners

Novator Partners, which was founded and is managed by Björgólfur Thor, is a private equity firm with headquarters in London and offices in Luxembourg. Preferring to take a board seat in its portfolio companies, the firm tends to invest in companies in the telecommunications, generic pharmaceuticals, information technology, natural resources, and financial services sectors.[35]

Landsbanki

Late in 2002, Björgólfur Thor and Björgólfur Guðmundsson's holding company Samson ehf. gained a 45% controlling share of Landsbanki, Iceland's second largest bank, for about ISK12m in a controversial privatization.[36] The board was announced in February 2003, with the chairman being Björgólfur Thor's father.[37]

Straumur Investment Bank

Björgólfur Thor was the main owner as well as the chairman of the Straumur Investment Bank.

Financial crisis

Two of Björgólfur Thor Björgólfsson's companies, Landsbanki and Straumur, went bankrupt following the 2008–11 Icelandic financial crisis and the government of Iceland decided to assume responsibility for the banks. He has been heavily criticized for his actions leading to the crisis.[38] However, he has claimed that he urged the government of Iceland not to take over the bank and that he did his utmost to prevent Icelanders and the state of Iceland from having to assume responsibility. He also has asserted that as a large shareholder in a bank, one does not have as much influence as many believe and that it is the job of the bank's management and board to formulate good policy. He said that he was not a member of the board or a managing director of the bank and that his policy suggestions were ignored by the government of Iceland.[39]

Two days after the publication of the Icelandic government report on the financial crisis on 12 April 2010, Björgólfur Thor Björgólfsson issued a public apology in the Icelandic newspaper, Fréttablaðið, for his role in the crisis:

I the undersigned, Björgólfur Thor, request forgiveness from all Icelanders for my role in the asset- and debt-bubble that led to the collapse of the Icelandic banking system. I request your forgiveness for my complacency towards the danger signs which arose. I request forgiveness for having not succeeded in following my instincts when I realised the danger. I request your forgiveness.[40]

Business after the crisis

Although Björgólfur Thor's fortunes were reduced by the financial crisis, leading him to cancel the construction of a £100m luxury yacht, he has continued to prosper overall.[41] He has defended his reputation by disputing government and journalistic criticisms of his role in the 2008 financial crisis on his website, through letters to newspapers, and through legal action.[42]

In December 2013, the website "The Automatic Earth" reported:

Mr Bjorgolfsson still leads Novator Partners, a London-based investment firm, sits on several boards and holds shares in companies including Actavis, a Swiss drugmaker, and CCP, an Icelandic computer games company. His representative says any dividends from his shares, or future gains from their sale, will go towards settling debts to creditors following Landsbanki's decline.[43]

In 2015, Björgólfur Thor and his father were mentioned in the Panama Papers as having connections to at least 50 offshore companies in tax havens established through Mossack Fonseca.[44]

In November 2017, Björgólfur Thor was named in the Paradise Papers together with Gísli Hjálmtýsson, Róbert Guðfinnsson, and a number of Iceland's National Power Company employees. The listed companies connected to Björgólfsson were registered in Bermuda.[45]

Björgólfur Thor was one of the lead investors in Atai Life Sciences AG's 2018 funding rounds. Atai Life is a healthcare investment firm that backs studies of magic mushrooms to treat depression. According to a Bloomberg report, the round Björgólfur Thor participated in raised $25 million.[46]

Björgólfur Thor Björgólfsson is the inspiration for the main character of Bjarni Harðarson's satirical novel about the 2008–11 Icelandic financial crisis, Sigurðar saga fóts: Íslensk riddarasaga, where his counterpart is the main character, Sigurður frits ('fótur') Bjarnhéðinsson.[citation needed] He is also the inspiration for the main character of Bjarni Bjarnason's novel Mannorð ('reputation'), Starkaður Leví, who pays for the identity (and the life) of a well respected writer.[47]

Björgólfur Thor and his great-grandfather Thor Jensen are the subject of the 2011 documentary film Thors saga by Ulla Boje Rasmussen.[48]

References

  1. ^ Thor Björgólfsson profile on Forbes
  2. ^ "Bjöggi úti á lífinu í Köben". Archived from the original on 16 December 2010.
  3. ^ "Bjöggi is back! – Snýr aftur á lista Forbes yfir ríkustu menn heims".
  4. ^ "Bjöggi borgar ekki". Archived from the original on 4 December 2008.
  5. ^ "Luxury handbag marketplace Rebag raises $25M to expand to 30 more stores". TechCrunch. Retrieved 19 December 2019.
  6. ^ "Zwift, a multiplayer game that's making indoor athletics more social, just raised $27 million". TechCrunch. Retrieved 19 December 2019.
  7. ^ "Björgólfur Thor stofnar nýtt lyfjafyrirtæki í Sviss". Kjarninn (in Icelandic). 14 January 2016. Retrieved 19 December 2019.
  8. ^ "Klang raises $22.3 million for MMO space colony simulation Seed". VentureBeat. 15 August 2019. Retrieved 19 December 2019.
  9. ^ "Digital therapeutics company SidekickHealth inks partnership with Bayer". MobiHealthNews. 16 December 2019. Retrieved 19 December 2019.
  10. ^ "Lockwood Publishing closes funding round led by Novator, CCP Games CEO". GamesIndustry.biz. Retrieved 19 December 2019.
  11. ^ Guðni Thorlacius Jóhannesson, The History of Iceland (Santa Barbara: Greenwood, 2013), https://books.google.com/books?id=Elh1oH6ESSIC&
  12. ^ Guðmundur Hálfdanarson, Historical Dictionary of Iceland, 2nd edn, Historical Dictionaries of Europe, 66 (Lanham, Maryland: The Scarecrow Press, 2008), p. 21 (s.v. BJÖRGÓLFSSON, BJÖGÓLFUR THOR (1967-- )).
  13. ^ "Thor Bjorgolfsson". Forbes. Retrieved 19 December 2019.
  14. ^ Bjorgolfsson, Thor (2014). Billions to bust-- and back : how I made, lost and rebuilt a fortune, and what I learned on the way. Cave, Andrew. London. ISBN 978-1-78125-369-4. OCLC 898058553.{{cite book}}: CS1 maint: location missing publisher (link)
  15. ^ [1] Archived 1 December 2008 at the Wayback Machine
  16. ^ Jón G. Hauksson, 'Björgólfur Thor og Jón Tetzchner: Íslendingar eiga tvo leiðtoga í 237 manna hópi „Ungra leiðtoga" sem taka þátt í verkefninu Forum of Young Global Leaders', Frjáls verslun, 67.1 (2005), 16–22 (p. 18); ISSN 1017-3544.
  17. ^ Armann Thorvaldsson, Frozen Assets: How I Lived Iceland's Boom and Bust (Chichester: Wiley, 2009), pp. 64-65.
  18. ^ Bjorgolfsson, Thor and Andrew Cave, Billions to Bust—And Back: How I Made, Lost and Rebuilt a Fortune, and What I Learned on the Way (London: Profile, 2014), pp. 33-38.
  19. ^ Bjorgolfsson, Thor and Andrew Cave, Billions to Bust—And Back: How I Made, Lost and Rebuilt a Fortune, and What I Learned on the Way (London: Profile, 2014), pp. 33-34.
  20. ^ Guðmundur Hálfdanarson, Historical Dictionary of Iceland, 2nd edn, Historical Dictionaries of Europe, 66 (Lanham, Maryland: The Scarecrow Press, 2008), p. 21 (s.v. BJÖRGÓLFSSON, BJÖGÓLFUR THOR (1967-- )); Peter Lee, `Landsbanki's new masters take control', Euromoney, vol. 33 issue 403 (November 2002), pp. 34--47.
  21. ^ Bjorgolfsson, Thor and Andrew Cave, Billions to Bust—And Back: How I Made, Lost and Rebuilt a Fortune, and What I Learned on the Way (London: Profile, 2014), pp. 37-38.
  22. ^ "Kristín Ólafsdóttir".
  23. ^ a b Bjorgolfsson, Thor and Andrew Cave, Billions to Bust—And Back: How I Made, Lost and Rebuilt a Fortune, and What I Learned on the Way (London: Profile, 2014), p. 217.
  24. ^ "Where have all the billionaires gone?". IceNews: News from the Nordics. 16 June 2009.
  25. ^ Smith, Yves (16 December 2013). "Ragnarok - Iceland and the "Doom of the Gods"". The Automatic Earth.
  26. ^ Boyes, Roger (2009). Meltdown Iceland: Lessons on the World Financial Crisis from a Small Bankrupt Island. New York: Bloomsbury. p. 66.
  27. ^ Kroll, Louisa (28 March 2005). "Thor's Saga". Forbes.
  28. ^ Bjorgolfsson, Thor and Andrew Cave, Billions to Bust—And Back: How I Made, Lost and Rebuilt a Fortune, and What I Learned on the Way (London: Profile, 2014).
  29. ^ "INVgr / Who is Thor Bjorgolfsson, Iceland's first billionaire?". 15 March 2006. Archived from the original on 15 March 2006. Retrieved 19 December 2019.
  30. ^ "Who is Thor Bjorgolfsson, Iceland's lone billionaire?". Invest in Greece. 20 January 2006. Archived from the original on 15 March 2006. (citing a maximum of $400m for the transaction).
  31. ^ Björgólfur Thor Björgólfsson and Andrew Cave, Billions to Bust and Back (London: Profile Books, 2014), pp. 55-65.
  32. ^ "Bloomberg Novator Partners LLP". www.bloomberg.com. Retrieved 5 January 2020.
  33. ^ Háskólabókasafn, Landsbókasafn Íslands-. "Tímarit.is". timarit.is (in Icelandic). Retrieved 5 January 2020.
  34. ^ www.bloomberg.com https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=27276927. Retrieved 5 January 2020. {{cite web}}: Missing or empty |title= (help)
  35. ^ Arlidge, John (4 January 2015). "Saga of the Viking who lost £3bn overnight". The Sunday Times. ISSN 0956-1382. Retrieved 5 January 2020.
  36. ^ Guðmundur Magnússon, Thorsararnir: auður – völd – örlög (Reykjavík: Almenna bókafélagið, 2005), p. 354
  37. ^ "Interview with Björgólfur Thor Björgólfsson | IceNews - Daily News". 30 December 2008. Archived from the original on 30 December 2008. Retrieved 5 January 2020.
  38. ^ "Interview with Björgólfur Thor Björgólfsson | IceNews - Daily News". 30 December 2008. Archived from the original on 30 December 2008. Retrieved 5 January 2020.
  39. ^ Háskólabókasafn, Landsbókasafn Íslands-. "Tímarit.is". timarit.is (in Icelandic). Retrieved 5 January 2020.
  40. ^ "Subscribe to read | Financial Times". www.ft.com. Retrieved 5 January 2020. {{cite web}}: Cite uses generic title (help)
  41. ^ "BTB.is – Björgólfur Thor Björgólfsson". www.btb.is. Retrieved 5 January 2020.
  42. ^ Foss, Nicole (16 December 2013). "Nicole Foss: Ragnarok - Iceland and the 'Doom of the Gods'". The Automatic Earth. Retrieved 5 January 2020.
  43. ^ "Panama Papers Reveal Tortola Connections of Iceland's Richest Men". Iceland Review. 2 June 2016. Retrieved 5 January 2020.
  44. ^ "Icelandic names in the Paradise Papers". Iceland Monitor. Retrieved 5 January 2020.
  45. ^ "IPO Beckons for Magic Mushroom Research Into Depression". Bloomberg.com. 3 October 2018. Retrieved 5 January 2020.
  46. ^ Hall, Alaric. "Fornaldarsögur and financial crisis: Bjarni Bjarnason's Mannorð". The Legendary Legacy: Transmission and Reception of the Fornaldarsögur Norðurlanda, ed. By Matthew Driscoll, Silvia Hufnagel, Philip Lavender and Beeke Stegmann, the Viking Collection, 24 (Odense: University Press of Southern Denmark, 2017).
  47. ^ "Thors saga". Filmcentralen / streaming af danske kortfilm og dokumentarfilm (in Danish). Retrieved 5 January 2020.
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