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Ölvaldi was a jotun in Norse mythology. He was the father of Thiazi, Idi and Gangr. His brothers were Bolthorn, Norvi, Aurgelmir and Fornjot. His only grandchild was Thiazi's daughter Skadi. Olvaldi was very rich and, when he died, his wealth was split amongst his children, with each taking only one mouthful.