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, BBC reported.

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.

Some workers sued the company over their terminations and severance packages, after some 6,000 staff - more than half its workforce - were sacked as part of a cost-cutting measure after Musk took over the company in 2022.

The BBC has contacted X - formerly called Twitter - and the lawyers representing the employees for comment, according to BBC.