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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsMusk gave the cold shoulder to Norway's $1.4 trillion sovereign wealth CEO after the fund snubbed his Tesla pay package
Tesla CEO Elon Musk declined to dine with Nicolai Tangen, the head of Norway’s Norges Bank Investment Management, which manages a sovereign wealth fund that is one of the carmaker’s largest shareholders.
A series of text messages from October show that Musk canceled plans to attend a dinner at Tangen’s home in Oslo, Norway with the CEOs of Nestle, Ferrari, Novo Nordisk, and DoorDash after the Government Pension Fund Global voted against ratifying his Tesla pay package last June. The fund, which follows a set of strict investment guidelines, chose not to support Musk’s options grant first in 2018, and again a second time in 2024. In its vote rationale, the fund stated that it appreciated the significant value generated under Musk, but it was “concerned about the total size of the award, the structure given performance triggers, dilution, and lack of mitigation of key person risk.”
-snip-
The pay package is the largest executive comp plan in history.
Several month after the fund’s second “against” vote, Musk turned down Tangen’s invitation to the dinner party.
https://www.msn.com/en-us/money/news/elon-musk-gave-the-cold-shoulder-to-norway-s-1-4-trillion-sovereign-wealth-ceo-nicolai-tangen-after-the-fund-snubbed-the-tesla-ceo-s-pay-package-twice/ar-AA1y2f80
Butthurt entitled asshole
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DBoon
(23,474 posts)means the absolute ruler of Tesla is a deranged maniac drug user, who erratic behavior will take down the entire company.
ProfessorGAC
(71,612 posts)They want to limit his power before he goes completely off the map.