Tesla CEO Elon Musk may be still holding a grudge against Nicolai Tangen, the head of Norway’s Norges Bank Investment Management, which manages a sovereign wealth fund that is one of the carmaker’s largest shareholders.
Musk reportedly declined to dine at Tangen’s home in Oslo, Norway. The dinner had other heavy-hitters present like the CEOs of Ferrari, Nestle, and DoorDash. The reason for Musk’s cold shoulder is because Tangen heads Government Pension Fund Global which voted against ratifying his Tesla pay package in June 2024.
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The Norges Bank Investment Management (NBIM), which manages the Norwegian Government Pension Fund Global, is one of the largest sovereign wealth funds in the world. It invests the country’s surplus oil revenues in a broad portfolio of assets, including stocks, bonds, and real estate.
Musk, the CEO of Tesla, SpaceX, and several other ventures, has attracted significant attention from investors and organizations like NBIM. While there isn’t a direct connection between Musk and the Norges Bank Pension Fund in terms of individual investments, the fund does have a stake in companies where Musk is involved, such as Tesla.
NBIM has been known to invest in high-profile technology companies, and Tesla, as a major player in the electric vehicle market, fits into its portfolio. However, Norges Bank has also taken steps to divest from certain companies if their activities don’t align with the fund’s ethical guidelines. For instance, the fund has divested from companies that produce tobacco or have been involved in activities that violate international standards.
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Musk’s companies have been the subject of attention from large institutional investors like NBIM due to their innovation, high growth potential, and occasional controversies. Musk’s actions and decisions—whether related to Tesla’s performance, his personal conduct, or regulatory issues—can influence how large funds like Norges Bank view or manage their investments in his companies.
From his behaviour, it seems that Musk has taken this refusal as a personal affront to his character and business practices. Only time will tell if Musk comes around to having a civil relationship with the bank going forward.