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: January 29 2025

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

Asian Stock Markets Rise Amid US-Japan Tariff Agreement
1 MIN READ

Asian Stock Markets Rise Amid US-Japan Tariff Agreement

USA and Japan Reach New Trade Agreement on 15% Tariffs
1 MIN READ

USA and Japan Reach New Trade Agreement on 15% Tariffs

Activity Toys Pose Serious Injury Risks for Children in EU Survey
1 MIN READ

Activity Toys Pose Serious Injury Risks for Children in EU Survey

Hexagon Sells Software Business for 30 Billion Kronor
1 MIN READ

Hexagon Sells Software Business for 30 Billion Kronor

US Stock Market Sees Broad Gains Amid Labor Market Weakness
1 MIN READ

US Stock Market Sees Broad Gains Amid Labor Market Weakness

Ørsted Sues Trump Administration Over Halted US Wind Project
1 MIN READ

Ørsted Sues Trump Administration Over Halted US Wind Project

US Private Sector Adds 54,000 Jobs in August, Below Expectations
1 MIN READ

US Private Sector Adds 54,000 Jobs in August, Below Expectations

Goldman Sachs: Fed Uncertainty Could Propel Gold Prices
1 MIN READ

Goldman Sachs: Fed Uncertainty Could Propel Gold Prices

Food Chains in Sweden Promise Price Cuts with VAT Reduction
3 MIN READ

Food Chains in Sweden Promise Price Cuts with VAT Reduction

Experts Criticize Halving Food VAT as Ineffective and Costly
2 MIN READ

Experts Criticize Halving Food VAT as Ineffective and Costly

Sweden to Temporarily Halve Food VAT from April 2026
3 MIN READ

Sweden to Temporarily Halve Food VAT from April 2026

Centre Party Proposes Halving Food VAT and Tax Breaks for Farmers
1 MIN READ

Centre Party Proposes Halving Food VAT and Tax Breaks for Farmers

Sydney Sweeney Campaign Boosts American Eagle Outfitters Stock
1 MIN READ

Sydney Sweeney Campaign Boosts American Eagle Outfitters Stock

Volvo Car Sales Drop 9% in August with Decline in Electric Models
1 MIN READ

Volvo Car Sales Drop 9% in August with Decline in Electric Models

Lyten to Revive Northvolt Factory with Fewer Employees
3 MIN READ

Lyten to Revive Northvolt Factory with Fewer Employees

Interest Rate Cuts Possible Despite Rising Inflation in Sweden
3 MIN READ

Interest Rate Cuts Possible Despite Rising Inflation in Sweden

Saab Shares Drop 4.9 Percent Amid Stockholm Stock Exchange Gains
2 MIN READ

Saab Shares Drop 4.9 Percent Amid Stockholm Stock Exchange Gains

China Stock Markets Decline as Japan and South Korea See Gains
1 MIN READ

China Stock Markets Decline as Japan and South Korea See Gains

Government Intensifies Efforts Against Economic Violence Towards Women
1 MIN READ

Government Intensifies Efforts Against Economic Violence Towards Women

Trump urges Supreme Court to uphold tariffs amid legal challenge
1 MIN READ

Trump urges Supreme Court to uphold tariffs amid legal challenge