The group's letter argues that Tesla shareholders likely "did not believe they were voting on an equity plan that would cover compensation to Mr. Musk" all the way back in 2019.

Musk, without commenting further on the report, said in an X post: "Nothing @WSJ says should ever be thought of as true". Musk, the world's richest man, unveiled the 'America Party' in July after a public dispute with President Donald Trump on the tax cut and spending bill.