Tesla Inc. co-founder Elon Musk urged a Delaware judge to toss an investor lawsuit alleging he improperly sold more than $7.5 billion in shares after receiving inside information that the electric-car maker would miss its production and delivery targets in 2022.

Tesla's board approved a compensation package for Elon Musk worth about $29 billion in order to keep the chief executive focused on the company.

The new package comes just six months after a judge ordered the company to revoke his $56 billion pay package.