Tesla CEO Elon Musk Clashes Over Pay Package with Norway Wealth Fund Executive
Tesla CEO Elon Musk has engaged in a verbal disagreement with Nicolai Tangen, the head of Norway's sovereign wealth fund, one of Tesla's major investors.
In June 2022, the fund voted against Musk's $56 billion compensation package at Tesla's annual meeting, citing concerns about its size and structure. Subsequently, Tangen invited Musk to a conference Oslo in April and a dinner at his private residence the day before.
Musk declined the invitation, stating via iMessage on October 14, "Friends are as friends do." Tangen responded, "Noted and fully understand. As a large shareholder, we support you."
Tesla did not immediately respond to a request for comment. The fund's operator, Norges Bank Investment Management (NBIM), holds a 0.95% stake in Tesla, worth $6 billion as of June.
The exchange underscores the ongoing tensions between corporate executives and investors over executive compensation packages. It also highlights the growing influence of large investors in shaping corporate decision-making.