How the Lego billionaires lost $150 million in a single day


Christian Wienberg, Bloomberg

Published 9:44 am CST, Thursday, November 7, 2019





Lego Duplo figurines. Photo: Bloomberg Photo By Akos Stiller / Bloomberg

Lego Duplo figurines.

Lego Duplo figurines.

Photo: Bloomberg Photo By Akos Stiller



photo




Photo: Bloomberg Photo By Akos Stiller


Lego Duplo figurines.

Lego Duplo figurines.

Photo: Bloomberg Photo By Akos Stiller




How the Lego billionaires lost $150 million in a single day

The billionaires behind toymaker Lego A/S suffered a stinging loss in a single day after one of their key investments backfired.

Kirkbi, which oversees about $16 billion on behalf of the Kirk Kristiansen family that owns Lego, saw the value of its holdings fall about $150 million on Wednesday. The trigger was a profit warning from ISS A/S, which shaved 20% off the market value of the Danish office-service firm. The estimated dent to the Lego family fortune is based on regulatory filings showing it holds roughly 15% of ISS. Kirkbi declined to comment.

The Lego billionaires have stayed loyal to ISS despite a build-up in short interest against the company, currently at around 7.5% of its share capital. That