Elon Musk and Norway Wealth Fund CEO Clash Over Pay Package Dispute
Tesla CEO Elon Musk and Nicolai Tangen, CEO of Norway’s sovereign wealth fund, have a tense exchange after the fund voted against Musk's $56 billion pay package.
Tesla CEO Elon Musk and Nicolai Tangen, the CEO of Norway’s sovereign wealth fund, have engaged in a clash following the fund’s decision to vote against Musk’s $56 billion pay package at Tesla’s 2024 annual general meeting.
The vote, which opposed the record-breaking compensation due to concerns over its size and structure, has sparked a strained relationship between the two.
The incident escalated when Tangen invited Musk to a one-day conference in Oslo in April 2025, along with a home-cooked dinner at Tangen’s private residence.
However, Musk declined the invitation, sending Tangen an iMessage on October 14, 2024, stating, “When I ask you for a favor, which I very rarely do, and you decline, then you should not ask me for one until you've done something above nothing to make amends.” Musk added, “Friends are as friends do.”
In response, Tangen acknowledged Musk’s message the following day, stating, “Noted and fully understand.
As a large shareholder we cheer for you.
Good luck with everything.
Best Nicolai.”
The exchange was made public on Tuesday by Norges Bank Investment Management (NBIM), which operates the sovereign wealth fund.
The fund, Tesla's seventh-largest investor, held a 0.95% stake in the company worth approximately $6 billion as of June 2024.
A spokesperson for the fund confirmed that the release of the messages was related to the growing interest in the situation, particularly regarding the fund’s vote against Musk’s pay package and its involvement in other Tesla-related votes.
Tesla has not commented on the matter.
The dispute highlights the ongoing tension between Musk and institutional investors, particularly in the wake of disagreements over executive compensation and governance.
The vote, which opposed the record-breaking compensation due to concerns over its size and structure, has sparked a strained relationship between the two.
The incident escalated when Tangen invited Musk to a one-day conference in Oslo in April 2025, along with a home-cooked dinner at Tangen’s private residence.
However, Musk declined the invitation, sending Tangen an iMessage on October 14, 2024, stating, “When I ask you for a favor, which I very rarely do, and you decline, then you should not ask me for one until you've done something above nothing to make amends.” Musk added, “Friends are as friends do.”
In response, Tangen acknowledged Musk’s message the following day, stating, “Noted and fully understand.
As a large shareholder we cheer for you.
Good luck with everything.
Best Nicolai.”
The exchange was made public on Tuesday by Norges Bank Investment Management (NBIM), which operates the sovereign wealth fund.
The fund, Tesla's seventh-largest investor, held a 0.95% stake in the company worth approximately $6 billion as of June 2024.
A spokesperson for the fund confirmed that the release of the messages was related to the growing interest in the situation, particularly regarding the fund’s vote against Musk’s pay package and its involvement in other Tesla-related votes.
Tesla has not commented on the matter.
The dispute highlights the ongoing tension between Musk and institutional investors, particularly in the wake of disagreements over executive compensation and governance.
