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Elon Musk clashes with Norway wealth fund CEO; 'friends are as friends do'

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Tesla CEO Elon Musk has clashed with Nicolai Tangen, CEO of Norway's sovereign wealth fund, one of the automaker's top investors, according to a record of the conversation released on Tuesday.
Elon Musk clashed with Nicolai Tangen, CEO of Norway's $1.6 trillion sovereign wealth fund, over the fund's decision to vote against Musk's $56 billion compensation package at Tesla. During a virtual event hosted by the Norwegian business daily Dagens Næringsliv, Musk expressed his frustration, suggesting that friends should support each other, while Tangen defended the fund's stance by emphasizing its responsibility to act in the best interest of its investors. Tangen highlighted that the fund's opposition was based on the compensation's size, structure, and performance triggers, not personal animosity towards Musk. The discussion also touched on broader issues like executive pay and corporate governance, with Musk arguing that his compensation was tied to Tesla's performance, which benefits all shareholders.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/elon-musk-clashes-with-norway-wealth-fund-ceo-friends-are-friends-do-2025-01-28/ ]