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Elon Musk declined an invitation to dine with Norway billionaire CEO Nicolai Tangen in a leaked conversation in retaliation for a past blow. The Government Pension Fund Global got in the bad books of the Tesla CEO in 2018 after opting not to support his options grant. Again in June 2024, the fund voted against ratifying Musk’s $56 billion Tesla pay package, citing concerns about the total size of the award and the lack of mitigation of Key person risk among other concerns despite its appreciation for the value generated under the business mogul.
After being slighted twice by the fund, Elon Musk grabbed the first chance at a retaliation last October when CEO Nicola Tangen, who heads the Norway-based Norges Bank Investment Management tasked with managing the Sovereign Wealth Fund approached him with a request. Leaked excerpts from the text correspondence between the two billionaires reveal that Tangen invited Musk to attend a dinner party at his home in Oslo, Norway, alongside other high-ranking CEOs of companies like Nestle, Novo Nordisk, and Ferrari.
Elon Musk Ignores Norway Wealth CEO Nicolai Tangen
However, Elon Musk made the seemingly petty decision to turn down the invitation, making sure to rub in the fact that it was a retaliatory move. The tech mogul wrote in the leaked text messages,
“This would be very difficult and expensive for me to attend… 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.”
In response, Tangen wrote,
“Noted and fully understand. As a large shareholder, we cheer for you. Good luck with everything.”
Musk Confronts Tangen Over Leaked Messages
Soon after the exchange, the text messages went public in line with the Norwegian equivalent of the Freedom of Information Act. However, that displeased Elon Musk even further, prompting him to confront the Norway CEO Nicolai Tangen. Further text messages reflected the follow-up conversation between the business giants. In the texts, Musk asked Tangen if he sent his text messages to the press, to which he responded that his text messages automatically became public record given his position as the head of Norway’s sovereign wealth fund. He further clarified,
“They have not sent your personal comments, just the part where you said you were not coming tot he conference. The country is obsessed about you, but this is not reflecting badly on you. Still sorry for any inconvenience.”
The conversation went south quickly after Musk disproved Tangen by sending him screenshots from his correspondence with an unnamed third party who also accused him of leaking their conversation to the press. Elon Musk branded Nicolai Tangen a “dangerous politician,” also accusing him of misusing the sovereign wealth fund to promote himself.
Meanwhile, Delaware chief judge Chancellor Kathaleen McCormick, in a December hearing, decided to uphold her verdict to void Musk’s pay package, which has since grown in value to $100 million in light of Tesla’s increased market cap now estimated at $1.3 trillion. Musk appealed the ruling rescinding his record $56 billion Tesla pay package earlier this month, sending the case to Delaware’s Supreme Court. The award is the biggest CEO compensation package deal ever, hence the drama surrounding its approval.
