Musk, who also owns electric car maker Tesla, was due to speak at the so-called B20 business conference on the resort island of Bali but a court case over his 2018 pay package worth about $56 billion in stock options is slated to begin next week.
His office said the world's richest person would instead take part in an hour-long virtual discussion on "future disruption of global technological innovation" at the B20 on Monday with Indonesian tycoon Anindya Bakrie. Indonesia has the largest nickel reserves in the world, and the pioneering electric car company is reportedly eyeing them for components for its batteries.
But the plaintiff argued Musk as majority shareholder presided over a conflicted transaction approved by a board controlled by him and that it should be rescinded.
DogecoinToTheMoon