Elon Musk has never been one to shy away from a grudge. After Norway’s sovereign wealth fund, Norges Bank Investment Management (NBIM), voted against his historic $100 billion Tesla pay package, Musk made it clear he wasn’t in the mood for socializing.
Newly revealed text messages show Musk declined an invitation to dine with Nicolai Tangen, the head of NBIM, alongside other global business leaders. The reason? Musk saw the fund’s vote as a betrayal, and he wasn’t about to break bread with someone who had just opposed the biggest compensation deal in corporate history.
A Billion-Dollar Snub
The drama traces back to June 2024, when NBIM, which holds a 1% stake in Tesla, voted against ratifying Musk’s pay package—just as it had in 2018. The fund argued that while Musk had undeniably created immense value, his record-breaking compensation came with concerns over size, dilution, and Tesla’s dependency on him.
For Musk, that vote was personal. Months later, when Tangen extended an invitation to a high-profile dinner in Oslo, Musk shot it down in a brusque text 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’s response was diplomatic:
“Noted and fully understand. As a large shareholder, we cheer for you. Good luck with everything.”
Musk, however, wasn’t done.
Public Fallout: Musk Lashes Out over Leaked Texts
If the exchange had remained private, it might have ended there. But Norwegian law requires transparency in official communications, and when Musk’s texts became public, he wasn’t happy.
He confronted Tangen directly, asking if he had leaked the messages to the press. Tangen clarified that his texts were part of the public record, and the Norwegian press had legally accessed them.
That didn’t sit well with Musk. In a separate exchange with an unnamed third party, he blasted Tangen, calling him a “dangerous politician” using the fund to promote himself.
The tension between Musk and Norway’s $1.3 trillion sovereign wealth fund highlights the power struggle between corporate leadership and institutional investors, who balance profit with governance.
A $100 Billion Controversy
Musk’s pay package—the largest in corporate history—has been under legal fire for months. While Tesla shareholders overwhelmingly supported it, Delaware’s top judge voided the award in January, citing concerns over Tesla’s board independence in negotiating the deal.
Despite the legal hurdles, Musk remains the world’s richest person, with an estimated net worth of $417 billion, driven by Tesla’s $1.3 trillion market cap.
Tesla’s stock price has skyrocketed 60% since Donald Trump’s victory in the November election, adding further fuel to the company’s valuation.
No Love Lost Between Musk and Norway
The Norway saga underscores Musk’s take-no-prisoners approach to corporate politics. While NBIM remains one of Tesla’s biggest investors, their relationship with Musk is clearly frosty.
Tangen may have hoped to smooth things over with a casual dinner invitation, but Musk’s response made one thing clear: if you cross him, don’t expect an invite back to the table.
