Billionaire Elon Musk and his social media firm X have reached a tentative settlement with former employees who had sued for $500m (£373m) in severance pay. The parties reported the deal in a court filing on Wednesday, jointly requesting the US appeals court in San Francisco to postpone an upcoming hearing to allow time to settle the paperwork.

Elon Musk's plan to launch the America Party has been shelved for now, as the tech billionaire focuses on businesses and maintaining ties to VP JD Vance, according to The Wall Street Journal.