The ‘Viking Code’ leadership of Nicolai Tangen, a $1.7T wealth fund CEO unafraid to lock horns with Elon Musk
Nicolai Tangen, CEO of Norges Bank Investment Management, at Davos in January. ·Fortune·Hollie Adams—Bloomberg/Getty Images
Anders Indset
Updated 6 min read
Over the past few years, I have been grappling with an apparent contradiction: How to enable a high-performance culture rooted in values? To explore this, I have been searching for a philosophy that understands progress and activation as something deeply human and that forms the foundation for a culture in which both collectivism and individualism can flourish. I call this the “Viking Code.” I was inspired by my homeland, Norway, and its extraordinary individuals and achievements in sports, education, politics, and business. However, the Viking Code is not limited to Norway; it has the potential to serve as a universal compass.
A cool autumn day in the streets of Paris. I have the honor and pleasure of speaking before a group of leading CEOs and politicians at the Royal Norwegian Embassy—La Norvège en France. The conversations on this day are not typical business discussions. They are imbued with a deep sense of purpose and a 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 him, 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, carrying 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 in motion, constantly active, and busy. His birthplace, Kristiansand, is modest and hardly suggests how he could have conquered 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 originates from the burgeoning surpluses of the Norwegian oil sector. The goal is to invest the current revenues from Norwegian oil and gas production 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 stocks, bonds, and real estate. Tangen has increased the fund's transparency by, for example, publishing the fund's voting decisions five days before the annual general meetings. This has 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 global challenges. This equates to about $300,000 per Norwegian, and the long-term average return of about 6% per year has strengthened trust in the fund.
Traditionally, the CEO of the sovereign wealth fund operated behind the scenes, but Tangen shines in the public eye. His podcastIn Good Company, available on platforms like YouTube and Spotify, has garnered attention. Tangen is a kind of modern influencer. He informs about corporate affairs and entrepreneurship, educates about climate and sustainability, and provides insights behind the scenes of his fund while speaking with leading figures from business and media.
Accessible, down-to-earth, but focused, he advocates on the podcast for a new performance ethic by sharing his perspectives on hard work and his values with the public. He reaches young people, 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 an entire community with him. This not only cleverly sharpens the profile of the fund but also awakens 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.
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 the small moments that compound into the realization of larger ambitions. Meeting him is like a brief dive into a whirlpool of dedication, aspiration, and inspiration.
Through his actions and words, Tangen embodies a rejection of traditional norms, yet he does so by weaving his individual success story 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 broader narrative about 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 one can have on society and the environment.
Tangen manages to strengthen his personal brand while consistently emphasizing the values of the collective. And this brand possesses power. 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. This is not only because Tangen openly addresses these shortcomings but also because he does not hesitate to withdraw funding, which can significantly impact the stock value.
A recent example is his podcast with Tesla CEO Elon Musk. Shortly after the very open and harmonious conversation, Tangen opposed Musk's high salary demands, and the issue became public. Tangen views the development skeptically, saying, "We see that corporate greed has reached a level we have never seen before, and it is becoming really very expensive for shareholders in terms of dilution." Musk unfollowed Tangen on his platform X, but the image loss stuck with the mercurial billionaire. The values were not compatible with the Norwegian sovereign wealth fund. The fund has over 9,000 holdings and owns 1.5% of all publicly traded shares. 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 is about shaping a better world where economic prosperity coexists with ecological responsibility and ethical integrity. He stands as a beacon, leading not only his companies to profitability but also encouraging them to contribute positively to the planet and society.
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