In Oslo on Jan 28, Tesla CEO Elon Musk clashed with Nicolai Tangen, CEO of Norway's sovereign wealth fund, one of the automaker's top investors, as per a released record of their conversation. The fund voted against Musk's $56 billion pay package, the largest for a chief executive in corporate America, at Tesla's annual general meeting, citing concerns about its size and structure.
Following the disagreement, Tangen invited Musk to a one-day conference in Oslo in April, accompanied by a home-cooked dinner at Tangen's residence the day before. Musk declined the invitation, expressing in an iMessage to Tangen on Oct. 14: 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.
Tangen responded the next day: Noted and fully understand. As a large shareholder we cheer for you. Good luck with everything. Best Nicolai.
The exchange was initially reported by the business website e24.no. Norges Bank Investment Management (NBIM), Tesla's seventh-largest investor according to LSEG data, holds a 0.95% stake worth $6 billion as of the end of June.
Tesla did not immediately respond to a request for comment. NBIM decided to release the exchange in the light of the increased interest in the case." "As one sees from the SMSes, some of the dialogue was linked to our voting record at Tesla, where we voted no to Elon Musk's pay package, among other votes, a fund spokesperson noted in an emailed statement.