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Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →The reported “snub” was Musk declining an invitation from Nicolai Tangen, head of Norway’s sovereign wealth fund manager, after the fund opposed ratifying Musk’s 2018 Tesla compensation award. The award was reported at about $56 billion during the 2024 vote and later rose in value toward $100 billion as Tesla’s value changed; it was not a separate $100 billion plan. A distinct, conditional Tesla pay proposal came in 2025, with a headline maximum of up to $1 trillion. E24’s account of the invitation and texts does not establish a lasting personal feud or prove Musk’s motive.
What happened between Musk and Tangen?
Nicolai Tangen is the CEO of Norges Bank Investment Management (NBIM), which manages Norway’s Government Pension Fund Global. In October 2024, Tangen invited Musk to a dinner associated with the fund’s investment conference. E24 reported that Musk declined or canceled the invitation after NBIM opposed ratifying his Tesla compensation award.
In January 2025, E24 reported that NBIM had first considered the exchange outside disclosure rules, then reassessed an access request under Norway’s public-records framework and released the messages in the interest of transparency. The fund’s communications chief said part of the exchange concerned NBIM’s vote on Musk’s compensation. E24’s report is the basis for the invitation and disclosure account; the published coverage does not establish why Musk declined or that the two men remain in conflict. The phrase “Did you send my text messages to the press?” appeared in E24’s headline, but should not be treated as a verified direct quotation from Musk without checking the released message and its translation. E24’s report, republished by Investing.com
Why did Norway’s fund oppose Musk’s pay?
NBIM opposed ratification of Musk’s 2018 Tesla award in 2024. The award had originally been approved by Tesla shareholders in 2018, but a Delaware judge later invalidated it before the ratification vote. NBIM said it had voted against the award in 2018 as well.
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NBIM’s objections concerned the award’s overall size, its structure and performance triggers, dilution to existing shareholders, and the lack of measures to reduce key-person risk. The fund also acknowledged the value created under Musk’s leadership. In its 2024 explanation, NBIM said it remained concerned about “the total size of the award, the structure given performance triggers, dilution, and lack of mitigation of key person risk.” Reuters report on the 2024 vote, republished by Investing.com
Tesla’s defense was different: board chair Robyn Denholm argued that shareholders had benefited substantially from the company’s performance. That was the company’s advocacy for the award, not an independent finding about whether its size or terms were appropriate. Tesla’s SEC-filed proxy statement
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Why was the award described as $100 billion?
The $100 billion shorthand refers to the later reported value of the 2018 award as Tesla’s market value rose. It does not describe a new compensation plan. At the time of the 2024 ratification dispute, Reuters put the award’s value at about $56 billion. Reuters also reported that NBIM then held 0.98% of Tesla, worth $7.7 billion according to fund data at that time; those are historical 2024 figures, not current holdings. Reuters, republished by Investing.com
How did the 2018 award differ from the 2025 proposal?
| Issue | 2018 award / 2024 ratification | Separate 2025 proposal |
|---|---|---|
| What it was | An award approved in 2018, later invalidated by a Delaware judge and put to a ratification vote in 2024. | A new proposed award tied to future milestones, covering up to ten years. |
| Reported value | About $56 billion at the 2024 vote; later reporting described its value rising toward $100 billion as Tesla’s value changed. Reuters, 2024. | Up to $1 trillion in headline share value. Reuters estimated a potential value to Musk of up to $878 billion after deducting the shares’ cost at the time of award. Reuters, 2025. |
| NBIM’s position | Against ratification; NBIM also said it opposed the award in 2018. | Against the new proposal, citing concerns including size, dilution and key-person risk. |
| Shareholder outcome | NBIM opposed ratification. No precise outcome is stated here. | Tesla shareholders approved the proposal in November 2025; Axios reported more than 75% support. |
The $1 trillion figure was a conditional headline maximum, not a guaranteed cash payment. Reuters’ lower estimate used a different convention by subtracting the cost of the shares at award time. Reuters report on NBIM’s opposition to the 2025 plan, republished by Investing.com Associated Press report on the proposal Axios report on the shareholder vote
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Did Norway’s vote decide Tesla’s compensation?
No. NBIM’s opposition was the position of one institutional investor, not a veto. Tesla shareholders approved the separate 2025 proposal despite the fund’s vote against it. Axios reported that the package’s full award was tied to Tesla reaching an $8.5 trillion market capitalization by 2035; that milestone is part of the reported terms, not a prediction that Tesla will reach it. Axios
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What is known about Tangen and the fund’s size?
Norges Bank’s 5 May 2026 hearing statement identifies Tangen as NBIM’s CEO and describes the manager’s role overseeing the Government Pension Fund Global. It says the fund’s market value rose 15% during 2025 to more than NOK 21,000 billion at year-end. The same statement reported a 1.9% decline in the first quarter of 2026 and a 4.2% increase after an April recovery, measured as of 29 April. These are dated figures reported by Norges Bank, not a live valuation or a dollar estimate for October 2026; the English statement is translated from Norwegian for information purposes. Norges Bank’s 5 May 2026 statement
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