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 move comes after a Delaware court voided an early multibillion-dollar compensation package for Musk following a shareholder lawsuit.