Elon Musk turned down a dinner invitation from Nicolai Tangen, CEO of Norway’s Norges Bank Investment Management. The fund, which manages a large stake in Tesla, voted against Musk’s $56 billion pay package earlier this year after he rejected previous offers. Musk canceled plans to attend the dinner, citing concerns about the size and structure of his award, which included performance triggers and potential dilution. The pay package, the largest ever for an executive, has faced criticism from some investors due to its complexity and lack of safeguards. Tangen, a prominent figure in Norway’s financial world, did not respond to requests for comment. Tesla’s market cap has risen significantly since Musk took over as CEO in 2019, contributing greatly to his wealth. Meanwhile, the fund’s vote was based on concerns about key person risk and performance metrics. Musk later appeared before a court to defend his package but an appeals process is ongoing.
Source: https://fortune.com/2025/01/28/elon-musk-pay-package-tesla-nicolai-tangen-norway-ceo-compensation