Musk declined to the Norwegian oil fund

The state-owned Norwegian oil fund, as a major shareholder in Tesla, voted against the proposed, enormous compensation package for Tesla CEO Elon Musk last year. This made Musk furious, according to SMS messages that the Norwegian business website E24 has obtained.

» Published:

Musk declined to the Norwegian oil fund
Photo: Tor Erik Schrøder/NTB/TT

Share this article

Musk declined an invitation to the oil fund's investor conference with a dinner invitation from the fund's manager Nicolai Tangen in Oslo in October.

"When I ask you for a favor, which I very rarely do, and you say no, then you shouldn't come and ask me for one until you've done something to change that" Musk writes in a text message to Tangen, as financial newspaper E24 reports.

This is a text message that the newspaper has obtained with the support of the Norwegian principle of public access to information.

Musk also writes to Tangen that, roughly translated, friendship is determined by what one does or does not do for each other.

The oil fund owns around one percent of the shares in Tesla and is thus the company's seventh largest shareholder. In June last year, the fund voted no to the compensation package for Musk, the largest in American business history, valued at tens of billions of dollars. An American judge has also ruled against it twice.

The package was designed as early as 2018 and consists mainly of stock options. Therefore, it varies with stock prices – after Tesla's surge, it is now valued at around 100 billion dollars, well over 1,000 billion kronor. But so far, Musk has not received final approval for the package.

Tags

Author

TTT
By TTEnglish edition by Sweden Herald, adapted for local and international readers

More news

Retail Sector Anticipates Recovery as Consumer Confidence Grows

Retail Sector Anticipates Recovery as Consumer Confidence Grows

SBAB Predicts Stable Housing Prices Despite Autumn Interest Rate Cut

SBAB Predicts Stable Housing Prices Despite Autumn Interest Rate Cut

Asian Stock Markets Open Mixed Amid Fed Rate Cut Speculation

Asian Stock Markets Open Mixed Amid Fed Rate Cut Speculation

Microsoft Announces $30 Billion Investment in UK Cloud and AI Infrastructure

Microsoft Announces $30 Billion Investment in UK Cloud and AI Infrastructure

US Stock Market Sees Slight Decline Amid Retail Sales Data

US Stock Market Sees Slight Decline Amid Retail Sales Data

Trump Extends TikTok Deal Deadline to December 16

Trump Extends TikTok Deal Deadline to December 16

NHTSA Investigates 174,000 Tesla Cars Over Door Handle Issues

NHTSA Investigates 174,000 Tesla Cars Over Door Handle Issues

Ford Cuts 1,000 Jobs at Cologne Factory Amid Weak Electric Car Demand

Ford Cuts 1,000 Jobs at Cologne Factory Amid Weak Electric Car Demand

Swedish Households Shift from Borrowing to Diverse Savings Strategies

Swedish Households Shift from Borrowing to Diverse Savings Strategies

German Investor Confidence Surges Unexpectedly in September

German Investor Confidence Surges Unexpectedly in September

Norway Forecasts Limited Interest Rate Cuts Amid Economic Growth

Norway Forecasts Limited Interest Rate Cuts Amid Economic Growth

H&M Stock Rises Amid Stockholm Market Decline

H&M Stock Rises Amid Stockholm Market Decline

Gold Buyer Guldbrev to List on Stockholm Stock Exchange Amid Criticism

Gold Buyer Guldbrev to List on Stockholm Stock Exchange Amid Criticism

Financial Supervisory Authority Reviews SSAB's 33.3 Billion Kronor Write-Down

Financial Supervisory Authority Reviews SSAB's 33.3 Billion Kronor Write-Down

Weakening Dollar: Key Considerations for Investors

Weakening Dollar: Key Considerations for Investors

Asian Stock Markets Rise Following Trump's Trade Talks Update

Asian Stock Markets Rise Following Trump's Trade Talks Update

Court Rules Fed Member Lisa Cook Can Stay Amid Trump's Challenge

Court Rules Fed Member Lisa Cook Can Stay Amid Trump's Challenge

Tesla Stock Surges 3.6 Percent Boosting Wall Street Indexes

Tesla Stock Surges 3.6 Percent Boosting Wall Street Indexes

Trump Proposes Ending Quarterly Reports for Wall Street Companies

Trump Proposes Ending Quarterly Reports for Wall Street Companies

EU Regulators Seek Stricter Crypto Supervision by ESMA

EU Regulators Seek Stricter Crypto Supervision by ESMA