Elon Musk rejected an invitation from the head of the Norwegian oil fund last autumn. Does this have anything to do with the fact that the fund voted against the billion-dollar remuneration package of the Tesla boss?
• Judge has a billion -dollar salary package for Elon Musk rejected
• Norwegian state funds in coordination against remuneration package
• News published: Tesla boss rejected the invitation from CEO of the fund
Judge rejects Musk’s stock option package as excessive
At the beginning of last year, judge Kathaler McCormick in the US state of Delaware rejected Elon Musks for the first time in 2018, after the shareholder Richard Toretta filed a lawsuit against the record-height remuneration for Tesla boss. Tornetta had accused the Tesla board member of not being independent when developing the salary package and the judge also complained Musk’s close relationships with members of the board of directors with whom he had negotiated the remuneration.
Musk’s salary package was originally $ 2.6 billion-however, the increase in Tesla share had increased to $ 56 billion when the court rejected the package for the first time.
In June, however, the Tesla shareholders agreed again at the annual general meeting of the billion dollar remuneration and referred the case to re-review the court in Delaware. In December, however, the judge confirmed her decision made in January and rejected the stock option package as excessive a second time.
The Tesla board announced that it was appealing, while Tesla boss Musk himself spoke of “absolute corruption” on his platform X.
Norwegian state fund voted against remuneration package
One who had voted against Musk’s remuneration package last summer was the Norwegian state pension fund, also known as Norwegian oil fund – one of the largest shareholders of the electric car manufacturer. After 2018, the fund decided not to support Musk’s remuneration package a second time. In its reasoning, as Fortune reports, the fund explained that he appreciates the value that was created under Musk, but “concerns about the overall scope of the allocation, the structure in view of the performance emergency, dilution and the lack of reduction in the risk of key persons” have.
Musk rejected the CEO dinner invitation
A few months after the second vote of the fund of the fund, Musk then declined an invitation from the CEO of the fund, Nicolai Tangen, to a dinner party in his house in Oslo, the Norwegische Wirtschaftszeitung E24 reported. The CEOs of Nestlé, Ferrari, Novo Nordisk and Doorash, as reported, would have reported.
“It would be very difficult and expensive for me to take part,” wrote Musk in a text message. “If I ask you for a favor, which I rarely do and you refuse, then you shouldn’t ask me for a favor before you haven’t done anything to make up for it. Friends are as friends do it . ” Tanging replied: “I took note of it and I understand it completely. As a major shareholder, we cheer you up. Good luck with everything”.
Further screenshots show a conversation from Musk with an unnamed third party who accuses dance of giving the press the text messages with Musk.
When Musk learned that his former text message had become public, he confronted tangles: “Did you send my text messages to the press?” Said Musk, as another screenshot shows. Thereupon Tangen said that there was a Freedom of Information Act in Norway, so unfortunately everything he sends and receives public information. “You have not sent your personal comments, only the part you said in which you would not come to the conference. The country is obsessed with you, but that doesn’t make bad light on you. I still apologize for the inconvenience”, so tease.
Editor finance.net
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