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Elon Musk has clashed with Nicolai Tangen, chief government of the Norwegian oil fund, after the fund final 12 months voted in opposition to the Tesla boss’s huge pay bundle, newly launched textual content messages present.
Norges Financial institution Funding Administration, which manages $1.7tn of Norway’s oil wealth, final June voted in opposition to Musk’s $56bn pay bundle, the biggest for a chief government in company America, at Tesla’s annual basic assembly.
Tangen later invited Musk to a dinner — with Ferrari chief Benedetto Vigna, amongst others — at Tangen’s non-public residence in Oslo. The chief executives of Novo Nordisk, Nestlé, DoorDash and Adidas had been additionally invited to attend the dinner forward of the oil fund’s annual funding convention in April, in line with earlier messages that turned public final 12 months.
The most recent correspondence between the 2 from October reveals that Musk turned the invitation down: “After I ask you for a favour which I very hardly ever do, and also you decline, then you shouldn’t ask me for one till you’ve achieved one thing above nothing to make amends.
“Mates are as associates do,” Musk added. The messages, which had been launched underneath a freedom of knowledge request this week, had been first reported by Norway’s E24.
NBIM mentioned it selected to publish the alternate of messages between the lads in gentle of the elevated curiosity within the state of affairs. “Because the [messages] present, a number of the dialogue was linked to our voting file at Tesla, the place we voted no to Elon Musk’s pay bundle, amongst different votes,” a spokesperson mentioned.
Musk was approached for remark however didn’t instantly reply.
NBIM has lengthy used its holdings in international firms to withstand giant pay packages for executives. Tangen advised the Monetary Instances final 12 months that it might particularly goal “giant wage packages that weren’t justified by efficiency, or had been opaque or insufficiently long-term.”
Within the messages, Musk additionally despatched Tangen a screenshot of correspondence with an unidentified affiliate the place the oil fund boss is accused of being “a harmful politician” and that he has “political ambitions utilizing the oil fund to “promote himself”.
