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Local billionaire Elon Musk reportedly snubbed a dinner invitation from Nicolai Tangen, CEO of Norges Bank Investment Management, after the Norwegian fund voted against Musk’s massive Tesla pay package.
The fund, one of Tesla’s largest shareholders, opposed the $56 billion compensation plan, citing concerns about its size and structure. It had also voted against a similar package in 2018.
Text messages reveal Musk declined Tangen’s invitation to a dinner in Oslo with other prominent CEOs. Musk stated his attendance would be “difficult and expensive,” adding he rarely asks for favors, and Tangen should not ask him for one until making amends.
Tangen expressed understanding and wished Musk luck. The messages became public through Norway’s freedom of information laws.
Musk later confronted Tangen about the released messages. Tangen clarified only the part about Musk declining the dinner was public. He added that Norway is “obsessed” with Musk.
Further messages show Musk referred to Tangen as a “dangerous politician” in a separate conversation.
Norges Bank Investment Management holds approximately a 1% stake in Tesla. Neither Tesla nor the fund commented on the situation.
A Delaware judge recently voided Musk’s pay package, ruling Tesla’s board lacked sufficient independence during negotiations. The package tied stock options to company performance milestones. Tesla’s market cap has significantly increased since 2019.