One of Tesla's most important shareholders says all's well with Elon Musk and the EV maker

Mon, Jul 7, 2025, 12:04 PM 3 min read

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The CEO of Norway's $1.9 trillion sovereign wealth fund may have clashed with Elon Musk over his controversial Tesla (TSLA) pay package, but that hasn't shaken his long-term view on the EV maker.

Led by Nicolai Tangen, the Norges Bank Investment Management (NBIM) is one of Tesla's top 10 shareholders, with a 1.1% stake. Last June, it voted against Musk's $45 billion pay plan, which resulted in a public rebuke from Musk. But Tangen insists there's no bad blood.

"I don't think there's any problems there," Tangen told Yahoo Finance Executive Editor Brian Sozzi on a new episode of the Opening Bid podcast (watch above; listen below). On whether the two might patch things up, Tangen briefly mentioned the possibility, saying the duo are "professional."

NBIM's position in Tesla makes it one of the most influential voices in its shareholder base, not just because of its size, but because of its reputation for corporate governance and long-term investing. The fund holds nearly 1.5% of all listed companies worldwide; notable holdings include Nvidia (NVDA) and Google (GOOG).

Tangen, who was just reappointed to a second term as CEO of the fund, acknowledged the controversy around Tesla and Musk, from the CEO's unpredictable social media posts to his political dustups, including a recent bout with President Trump.

"There are a lot of elements which impact the share price of this company," Tangen said. "Tesla was one of the first electric cars into the Norwegian market, but in terms of the stock itself, I haven't got a strong view."

He added, "It's a manufacturer, it's a tech company. It's all of the above."

Those comments come as Tesla grapples with renewed scrutiny over its fundamentals. Last week, the company reported second quarter deliveries of 384,122 vehicles, a 13% year-over-year drop. In Europe, one of Tesla's key markets, new car sales fell for the fifth consecutive month in May, down nearly 28% from the prior year.

William Blair analysts downgraded Tesla to Market Perform on Monday, warning that political and regulatory headwinds could weigh more heavily on the company than investors expect. In a note led by Jed Dorsheimer and Mark Shooter, the team flagged the loss of over $2 billion in annual credit revenue following the removal of corporate average fuel economy (CAFE) fines.