Elon Musk Clashes With CEO Of $1.7 Trillion Norway Wealth Fund And Tesla Shareholder Who Voted Against His $56 Billion Compensation Deal

Elon Musk doesn't take rejection lightly, especially when it comes to his massive Tesla pay package. The billionaire CEO reportedly clashed with Nicolai Tangen recently, the head of Norway's $1.7 trillion sovereign wealth fund, after the fund twice voted against his record-breaking $56 billion compensation deal.

Norway's Fund Says No to Musk's Mega Pay

Norges Bank Investment Management (NBIM), which manages the world's largest sovereign wealth fund and holds about a 1% stake in Tesla, opposed Musk's $56 billion pay package when it was first approved in 2018 and again in 2024. The fund expressed worries about the deal’s magnitude, the potential dilution of shareholders, and the absence of protections in the event that Musk left Tesla.

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While acknowledging Musk's role in Tesla's success, the fund ultimately decided that the package – now worth around $100 billion – was excessive. They weren't the only ones with doubts. Two major investment advisory firms, International Space Station (ISS) and Glass Lewis, also told shareholders to vote against it, and Europe’s largest pension fund, Stichting Pensioenfonds ABP, even sold its entire stake in Tesla in the third quarter of 2024, citing concerns over the pay package.

Musk Rejects Dinner Invite Over Vote

Tangen invited Musk to a high-profile dinner in Oslo alongside CEOs from companies like Nestlé, Ferrari and Novo Nordisk. Musk turned him down, citing the cost and difficulty of attending but also making it clear that he wasn't happy with Tangen's actions.

"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. Friends are as friends do," Musk wrote in a text message. The communication was obtained by Norwegian newspaper E24 after NBIM had to release it under freedom-of-information laws.

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Tangen responded diplomatically, saying he understood and wished Musk well as a major Tesla shareholder. However, things escalated further when Musk found out that their messages had been made public under Norway's transparency laws.

Musk Calls Tangen a "Dangerous Politician"

Upset that their texts had been released, Musk confronted Tangen, accusing him of leaking them to the media. Tangen explained that his communications are subject to public records laws as a public official and that only the part about Musk skipping the conference had been disclosed. Still, Musk wasn't convinced and later referred to Tangen as a "dangerous politician" who was using the fund to promote himself.

See Also: Elon Musk Told The U.N. If They Could Show A Plan For Ending World Hunger He'd Donate $6 Billion – ‘I Will Sell Tesla Stock Right Now And Do It'

Meanwhile, Tesla's market cap has soared past $1.2 trillion, and Musk's wealth has ballooned to around $430 billion, making him the richest person in the world. But his ongoing battle with major investors like Norway's sovereign wealth fund shows that not everyone is on board with the way Tesla rewards its CEO.

For now, Musk's feud with Tangen adds another layer to his long list of corporate battles, proving once again that he's not willing to let his compensation go without a fight.

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