Some shareholders might object, but there is little they could do, legal experts say.

Antonio Gracias, an investor who has built a $65 billion stake in the company, exemplifies the economic upside of being Mr. Musk’s ally.

The LinkedIn co-founder was a key bridge to Microsoft’s relationship with OpenAI, but he also came with some baggage.

The ways it set up its board and Mr. Musk’s pay appear to benefit him at the expense of other shareholders, corporate governance experts said.