Elon Musk does not easily forgive slights. After Norway’s sovereign wealth fund, Norges Bank Investment Management (NBIM), voted against his monumental $100 billion Tesla compensation plan, Musk made it clear he had no interest in reconciliation.
Recently released text messages reveal Musk turned down an invitation to dine with Nicolai Tangen, NBIM’s CEO, alongside other prominent business figures. Musk viewed the fund’s opposition as a personal slight and refused to engage with someone who had rejected one of the largest pay deals in corporate history.
Rebuffing a Billion-Dollar Proposal
The incident dates to June 2024, when NBIM, holding a 1% Tesla share, again voted against Musk’s pay package—mirroring its stance from 2018. The fund acknowledged Musk’s immense contributions to Tesla’s growth but raised concerns about the compensation’s scale, shareholder dilution, and reliance on Musk.
For Musk, the vote was a direct affront. Several months later, when Tangen invited him to a prestigious dinner in Oslo, Musk declined with a terse message:
“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.”
Tangen replied tactfully:
“Noted and fully understand. As a large shareholder, we cheer for you. Good luck with everything.”
Musk’s response, however, was far from over.
Leaked Messages Spark Public Conflict
Had the messages remained private, the episode might have ended quietly. Yet, due to Norwegian transparency laws, these communications were made public, much to Musk’s displeasure.
He confronted Tangen, demanding to know if he leaked the texts. Tangen clarified that the messages were accessed through public records and released legally by Norwegian media.
Unhappy with this, Musk disparaged Tangen in a separate conversation, labeling him a "dangerous politician" exploiting the fund for self-promotion.
This dispute highlights the ongoing clash between corporate executives and institutional investors, who face the challenge of balancing governance concerns with profit interests.
The $100 Billion Compensation Debate
Musk’s pay agreement—the largest ever granted in the corporate world—has faced months of legal scrutiny. Although Tesla shareholders largely approved it, a leading Delaware judge invalidated the deal in January, citing insufficient independence of Tesla’s board in negotiating the package.
Despite the controversy, Musk maintains his status as the world’s wealthiest individual, with a net worth estimated at $417 billion, fueled by Tesla’s $1.3 trillion market valuation.
Tesla’s share value surged by 60% after Donald Trump’s win in the November election, further boosting the company’s growth prospects.
Chilly Relations Between Musk and Norway
This episode reveals Musk’s ruthless stance in corporate power plays. While NBIM remains a major Tesla shareholder, the rapport between Musk and Norway’s fund has undeniably cooled.
Though Tangen’s dinner invitation was likely an olive branch, Musk’s dismissive reply sent a clear message: once crossed, don’t anticipate an invitation back.
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