Additional Coverage:
- Elon Musk declined dinner with boss of $1.7 trillion fund that voted against his pay deal: ‘Friends are as friends do’ (newsbreak.com)
Local Billionaire Snubs Dinner with Norwegian Oil Fund Chief
Tesla CEO Elon Musk reportedly declined a dinner invitation from Nicolai Tangen, the head of Norway’s massive $1.7 trillion oil fund. The snub appears to be linked to the fund’s vote against Musk’s controversial Tesla pay package.
Norges Bank Investment Management, which owns about 1% of Tesla, voted against the compensation deal last June. The package, initially worth $56 billion, is now estimated to be worth around $100 billion.
Tangen invited Musk to dinner at his Oslo home, along with other prominent CEOs, ahead of the fund’s annual investment conference. Musk declined, citing the difficulty and expense of attending. Text messages between the two reveal Musk also lectured Tangen on friendship, suggesting Tangen owed him a favor.
Tangen expressed his understanding and reiterated his support for Musk and Tesla. Days later, Musk questioned Tangen about leaked texts, suggesting Tangen had political motivations. Tangen clarified that the communications were public and downplayed any negative impact on Musk.
The Tesla pay deal has faced legal challenges and was blocked by a Delaware judge. The Norwegian fund voiced concerns about the package’s size, structure, and potential risks.
Musk’s wealth continues to grow, recently estimated at $428 billion, making him the world’s richest person. His fortune surged last year thanks to increases in Tesla and SpaceX valuations.