The Government Pension Fund Global, commonly known as the Oil Fund, confirmed on Friday that a recent advertisement featuring its CEO Nicolai Tangen promoting an AI company contained an error. The acknowledgment comes after public criticism over the fund’s involvement in a commercial for Anthropic, a US-based AI firm.
A spokesperson for the fund stated that the decision to participate in the advertisement was not aligned with its investment strategy. The fund invests in thousands of companies worldwide but does not endorse specific firms through promotional activities. The error was described as a misstep in internal communication, according to the statement.
The advertisement first aired earlier this week and included Tangen speaking positively about Anthropic’s technology. The fund clarified that it has no financial ties to Anthropic beyond standard investment holdings. The incident has drawn attention to the boundaries between institutional investments and public relations.
The Oil Fund manages over 1.4 trillion dollars in assets, making it one of the world’s largest sovereign wealth funds. Its primary mandate is to secure long-term returns for future generations of Norway. The fund typically avoids direct endorsements of private companies, even those in its portfolio.
This is not the first time the fund has faced scrutiny over its public communications. In 2021, it faced criticism for a social media campaign that some interpreted as overstepping its role. The latest incident underscores ongoing debates about the fund’s visibility and the expectations placed on its leadership.
Source: digi.no