Norway's sovereign wealth fund CEO supports Tesla despite challenges, neutral.

Norway’s $1.9 trillion sovereign wealth fund CEO, Nicolai Tangen, maintains long-term view on Tesla despite clash with Elon Musk over pay package. Fund holds 1.1% stake in Tesla and is influential shareholder. Tangen acknowledges Tesla controversies but remains neutral on stock’s future.

Tangen, just reappointed for second term, acknowledges Tesla’s impact on share price. Fund holds significant stake in international companies, including Nvidia and Google. Tangen views Tesla as both a manufacturer and tech company, highlighting its influence in the market.

Tesla faces scrutiny with 13% drop in year-over-year deliveries and European sales slump. William Blair analysts downgrade stock to Market Perform, citing political and regulatory challenges. Loss of annual credit revenue could impact profitability. Analysts estimate 39% earnings forecast cut for 2025.

Despite challenges, some on Wall Street see upside in Tesla’s autonomous driving efforts. Piper Sandler labels Tesla as transformative in autos, likely to succeed in the long run. Musk’s recent political involvement raises concerns among analysts about his focus on the business.

Listen to Opening Bid Unfiltered for more insights from Brian Sozzi and industry leaders. Stay updated on latest technology news impacting the stock market and read financial and business news on Yahoo Finance.

Read more at Yahoo Finance: One of Tesla’s most important shareholders says all’s well with Elon Musk and the EV maker