Running the “Viking Code” of Nicolai Tangen, an investment fund CEO who isn’t afraid to take on Elon Musk

A cool autumn day on the streets of Paris. I have the honor and pleasure of speaking in front of a group of top executives and politicians from the Royal Norwegian Embassy — La Norvège en France. Today’s conversations are not typical business discussions. They are imbued with a deep sense of purpose and commitment to a cause greater than profit, enriched by the head of the world’s largest sovereign wealth fund, Nicolai Tangen.

As I listen to Tangen, I realize how deeply rooted he is in Norwegian culture. Tangen combines personal success with a deep commitment to the common good. In it, I see the foundation of a new understanding of achievement and success.

A few months later, I meet Tangen again on the snowy streets of Davos during the World Economic Forum. In a hurry and with a tight schedule, wearing his typical Norwegian backpack, he still seems to have endless time for a conversation. There is something magical about people who seem to have time, are present and yet accomplish so much.

Modern leadership

Tangen, with his distinctive Norwegian-English accent and always on the move with his backpack, embodies the image of the modern Viking: always on the move, constantly active and busy. His birthplace, Kristiansand, is modest and hardly suggests how he could have achieved such an extraordinary position. As head of Norges Bank Investment Management, he manages the Norwegian sovereign wealth fund. This fund, established in 1990, is the backbone of the Norwegian economy and comes from the growing surpluses of the Norwegian oil sector. The aim is to invest current revenues from Norwegian oil and gas production in the long term to preserve them for future generations in the post-oil era.

To this end, the fund invests globally in a variety of assets, including equities, bonds and real estate. Tangen increased the fund’s transparency, for example by publishing the fund’s voting decisions five days before annual general meetings. This strengthened the fund’s influence on corporate governance and climate protection initiatives. Under Tangen’s dynamism, this fund thrives. Since taking over in September 2020, the fund has steadily grown from $1.1 trillion to $1.7 trillion despite all the global challenges. This equates to around USD 300,000 per Norwegian, and the long-term average return of around 6% per year has strengthened confidence in the fund.

Traditionally, the sovereign wealth fund CEO has operated behind the scenes, but Tangen shines in the public eye. His podcast In Good Companyavailable on platforms such as YouTube and Spotify, has attracted attention. Tangen is a kind of modern influencer. He informs about corporate business and entrepreneurship, educates about climate and sustainability, and provides behind-the-scenes insights into his fund while talking to leading business and media figures.

Approachable, down-to-earth yet focused, he advocates on the podcast for a new ethic of performance, sharing with the audience his insights on hard work and his values. He reaches out to the youth, the general public, investors and entrepreneurs alike. Sometimes you see him in sportswear reminiscent of soccer star Erling Haaland; other times he talks about tech giants like OpenAI founder Sam Altman or exchanges ideas with greats like Bill Gates, Elon Musk, Larry Fink or Satya Nadella. The audience gets the impression: Tangen is one of us, but also a leader who stands out and carries a whole community with him. This not only intelligently clarifies the profile of the fund, but also arouses interest and positions it as an attractive employer in the global “war for talent”. What was once a traditional management role has been brought to life today by Tangen as modern leadership.

The Elon Musk dispute

Tangen consistently represents the belief that success is achieved through hard work and dedication. He keeps the big picture in mind, but remains grounded in his short-term micro-ambitions and appreciates the process and small moments that add up to achieving bigger ambitions. Meeting him is like a brief dive into a vortex of giving, aspiration and inspiration.

Through his actions and words, Tangen embodies a rejection of traditional norms, yet he does so by weaving his individual story of success into the larger narrative of collective progress. He is proof of the potential of the Viking Code, where individual drive and community spirit can build a powerful symbiosis for change. Tangen’s story is not just one of financial acumen, but a larger narrative of leadership, influence, and the transformative power of redefining success. In Tangen’s world, success is measured not only in balance sheets and stock valuations, but also in the impact it can have on society and the environment.

Tangen manages to strengthen his personal brand while constantly emphasizing the values ​​of the collective. And this brand has power. The companies in which Tangen invests through the Norwegian sovereign wealth fund are aware that any misstep – whether in terms of climate or ethical values ​​– could lead to a loss of reputation in today’s media landscape. That’s not only because Tangen openly addresses these shortcomings, but also because it doesn’t hesitate to withdraw funding, which can significantly affect the stock’s value.

A recent example is his podcast with Tesla CEO Elon Musk. Shortly after the very open and harmonious conversation, Tangen objected to Musk’s high salary demands, and the matter became public. Tangen views the development with skepticism, saying, “We’re seeing corporate greed reach a level we’ve never seen before, and it’s really becoming very costly to shareholders in terms of dilution.” Musk didn’t follow Tangen on his X platform, but the image loss stuck with the mercurial billionaire. The values ​​were not compatible with the Norwegian sovereign fund. The fund has more than 9,000 holdings and owns 1.5% of all publicly traded stocks. A minority shareholder with significant influence.

Tangen’s approach is a blend of traditional Norwegian wisdom and contemporary global awareness. He understands that true leadership goes beyond financial success; it’s about shaping a better world where economic prosperity coexists with ecological responsibility and ethical integrity. He is a beacon, leading not only his companies to profitability, but encouraging them to contribute positively to the planet and society.

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