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Elon Musk faced Nicolai Tangen on the vote of the Norway Petroleum Fund against Tesla Pay

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Elon Musk faced Nicolai Tangen, executive director of the Norwegian Fund Oil, after last year he voted against the large payment package of the Tesla Chief, the recently published text messages are shown.

Norges Bank Investment Management (NBIM), which manages $ 1.7TN of Norway’s oil wealth and is the seventh largest shareholder in Tesla with a 1 percent participation, last June voted against the $ 56,000 payment package Millions of Musk, the largest for an executive director at Corporate America, at the Annual General Meeting of Tesla.

Tangen later guest Musk To a dinner, with the Ferrari chief, Benedetto Vigna, among others, in the private residence of Tangen in Oslo. The executive directors of Novo Nordisk, Nestlé, Dordash and Adidas were also invited to attend dinner before the Annual Investment Conference of the Oil Fund in April of this year, according to previous messages that were made public last year.

The last correspondence between October 2 shows that Musk rejected the invitation: “When I ask for a favor that I rarely do, and you decline, then you should not ask me one until you have done something above anything. To make peace.

“Friends are as friends do,” Musk added. The messages, which were published under a request for freedom of information on Tuesday, were first reported by E24, a Norwegian business day.

A screenshot from Elon Musk's message to Nicolai Tangen
A screenshot from Elon Musk’s message to Nicolai Tangen

NBIM He said he chose to publish the exchange of messages among men in the light of the greatest interest in the situation. “Like him [messages] Show, part of the dialogue was linked to our voting record in Tesla, where we vote not with Elon Musk’s payment package, among other votes, “said the company.

Musk was contacted to comment, but did not respond immediately.

NBIM has long used its shares in global companies to withstand large payment packages for executives. Tangen told Financial Times last year that in particular he would go to “large salary packages that were not justified by performance, or that were opaque or insufficient in the long term.”

In the messages, Musk also sent to Tangen a correspondence screen capture with an unidentified associate where the Chief of the Petroleum Fund is accused of being “a dangerous politician” and that he has “political ambitions using the oil fund to promote himself.”

The Musk payment package, with a value of $ 56 billion when it was initially granted in 2018, was rejected by the Judge of Delaware Kathaleen McCormick in early 2024, and Again in December Last year by the same judge.

Which consists of shares options, now it is valued by more than $ 100 billion thanks to the increase of almost 40 percent in Tesla’s shares from the US elections.

Tesla has promised to appeal against the decision. “This ruling, if it was not annulled, means that the judges and lawyers of the plaintiffs direct Delaware companies instead of their legitimate owners, the shareholders,” he said after the December ruling.

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