The 7-to-2 decision stressed that it did not address the merits of the dispute, and concerned only whether the producers had standing to sue.
Lawyers for Tesla have asked a Delaware judge to reverse her decision to void a multibillion-dollar pay package for Mr. Musk after shareholders approved it a second time in June.
Shareholders had sued, arguing that Mr. Musk’s compensation — which helped make him the world’s richest person — was excessive.
Under questioning, Mr. Musk said he hadn’t discussed how much money investors would put in to help him take his car company private.
Investors are seeking billions of dollars in damages for their losses after Mr. Musk posted a proposal on Twitter that never materialized.