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.

T esla stock was sliding on Tuesday, giving up some of the gains it made the previous session thanks to CEO Elon Musk’s new multibillion-dollar pay package. Shares of the electric-vehicle maker slid 0.6% to $307.44 in early trading, having gained 2.2% on Monday. The S&P 500 was 0.2% higher on Tuesday.