“Friends Are as Friends Do”: Musk’s $1T Pay Deal Sparks New Feud with Top Investor

The tense relationship between Elon Musk and one of his largest investors, Norway’s sovereign wealth fund, is back in the spotlight. The fund has declared it will vote against Musk’s new $1 trillion pay proposal, reprising a conflict from last year.
This mirrors a previous battle over a $56 billion package. After the Norwegian fund voted against that deal, its CEO, Nicolai Tangen, invited Musk to dinner in Oslo. Musk reportedly turned down the invite in a text message, writing, “When I ask you for a favour… and you decline, then you should not ask me for one… Friends are as friends do.”
Now, the fund is again declining to support Musk, citing concerns that the new $1 trillion award is simply too large and exposes shareholders to “key person risk.” The fund, Tesla’s seventh-largest shareholder, emphasized it would “continue to seek constructive dialogue” despite the disagreement.
The Tesla board argues the massive incentive is necessary to keep Musk from leaving. Chair Robyn Denholm warned that the company’s value is intrinsically linked to Musk’s continued leadership, especially as he juggles responsibilities at X and SpaceX.
This dispute unfolds as Tesla faces serious headwinds. Sales have plummeted in several European countries and declined in China. With advisory firms ISS and Glass Lewis also opposing the deal, the upcoming shareholder meeting promises to be a contentious affair.