Norwegian sovereign wealth fund loses $92 million due to… an error in an Excel table. In February 2023, an error crept into one of its Excel tables relating to the calculation of a financial index.
If it was immediately corrected, the damage was done, and the sovereign fund lost 92 million dollars (86 million euros) In total, this represents almost twice the cumulative operational and accidental losses suffered by the Norwegian Sovereign Wealth Fund from 2010 to 2020. This is a good example of how even tiny operational inaccuracies can have colossal consequences when you manage one of the largest pools of capital in the world.