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Norway’s sovereign wealth fund, valued at approximately $2.34 trillion, reported extraordinary first-half earnings of more than $184 billion, marking a record profit for the investment vehicle. The fund, managed by Norges Bank Investment Management, achieved a 9.4% return driven largely by strong performance in Asian technology stocks. The entity maintains portfolios across more than 7,000 companies spanning over 50 countries and represents roughly 1.5% of all publicly traded stocks worldwide.
In a significant disclosure, the Norwegian fund revealed it holds a small stake in SpaceX valued at approximately $1.2 billion, representing 0.05% ownership. This investment positions the fund as a major backer of companies led by Elon Musk, alongside existing stakes in Tesla worth roughly $15.7 billion and substantial holdings in other major technology firms including Nvidia, Apple, and Microsoft. The fund’s SpaceX stake remains modest compared to its largest positions, with Nvidia holdings alone worth $61.8 billion.
The SpaceX disclosure comes amid a strained relationship between the fund’s leadership and Musk. Last year, the Norwegian fund voted against a $56 billion compensation package for Musk at Tesla and later opposed a trillion-dollar pay proposal. Fund managers emphasized their concerns about compensation size, shareholder dilution, and risk management, while expressing openness to constructive engagement on the matter.
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