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Tensions Rise Over Tesla Pay Dispute as Musk Rejects Oslo Invitation
A recently revealed exchange between Tesla CEO Elon Musk and Nicolai Tangen, the head of Norway’s sovereign wealth fund, has shed light on a simmering conflict between one of the world’s most influential business leaders and a key investor in Tesla.
The dispute traces back to June 2024, when Norges Bank Investment Management (NBIM), which operates Norway’s trillion-dollar sovereign wealth fund, voted against Musk’s colossal $56 billion compensation package at Tesla’s annual shareholder meeting. Citing concerns over the scale and structure of the package, NBIM joined a growing chorus of investors questioning executive pay at the electric vehicle giant.
Following this decision, Tangen extended an invitation to Musk for a prestigious business conference in Oslo, scheduled for April 2025, along with an exclusive, home-cooked dinner at his residence the night before. However, Musk declined the offer, expressing his dissatisfaction in a private iMessage on October 14. He pointed out that when he had made a rare request—presumably regarding his pay package—it was denied. He suggested that reciprocal requests should not be made until steps were taken to rectify the situation, emphasizing that friendships are defined by actions.
Tangen responded the next day, acknowledging Musk’s perspective while reiterating NBIM’s continued support for Tesla as a major shareholder. He also extended his best wishes for Musk’s success, attempting to maintain an amicable tone despite the evident tensions.
The Norwegian business website e24.no was the first to report the exchange, prompting NBIM to release the messages due to rising public interest in the matter. A spokesperson for the fund stated via email that the conversation stemmed from its voting record at Tesla, where it had taken a critical stance on certain governance issues, including Musk’s pay package.
As of June 2024, NBIM holds a 0.95% stake in Tesla, valued at approximately $6 billion, making it the company’s seventh-largest shareholder, according to LSEG data. Despite its substantial investment, the fund has not hesitated to challenge Tesla on key governance matters.
Tesla has yet to officially comment on the exchange, but Musk’s response underscores the increasing friction between high-profile investors and corporate leaders over executive compensation and shareholder influence. With tensions now public, it remains to be seen how this power struggle will impact Tesla’s governance and Musk’s future leadership decisions.
