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.

Tesla stock gave up some gains, possibly on data showing sales plummeted in Germany and the U.K. On Monday, the EV maker's board granted CEO Elon Musk a new pay package.