live from london, this is business today. i'm sally bundock. elon musk is not entitled to a tesla pay award of $56 billion — that's according to a second ruling by a delaware court confirming an earlier decision this year. it comes after months of legal wrangling and despite the pay award being approved by shareholders and directors in the summer. judge kathaleen mccormick has argued that tesla's board members were too heavily influenced by mr musk. tesla has posted a statement on mr musk�*s own social media platform x, saying:

mr musk himself said: for more background on this, here's our technology correspondent, lily jamali. this was the one a couple of years ago was contingent on elon musk meeting certain targets, having to do with sales and revenue and the like, those billions of dollars are in stock options so today they are worth quite a bit more than 56 billion, closer to about $100 billion in this ruling today from chancellor mccormick reiterates her ruling from back at the start of the year in january when she found that this pay package is excessive

and not only that that the board of directors is not sufficiently independent to approve it, that the people on the board have personal and business relationships with elon musk, just to give you an example his brother happens to be on the board, james murdoch is also on this board, and so injune musk and tesla put this to the shareholders who were approved the pay package but the chancellor saying that simply is not enough, reiterating the early decision, and one of the arguments we saw from the shareholders is they are not told how easy or hard it would be for elon musk to meet those original targets when we voted, effectively starting with them once again today. let's get some reaction now from dan ives, global head of technology research at wedbush securities. good to see you. to be clear, you hold a tesla stock? 1 do you hold a tesla stock? i do not hold _

you hold a tesla stock? i do not hold stock, _ you hold a tesla stock? i do not hold stock, no. - you hold a tesla stock? i do i not hold stock, no. apologies, i thou~ht not hold stock, no. apologies, i thought you _ not hold stock, no. apologies, i thought you did. _ not hold stock, no. apologies, i thought you did. to - not hold stock, no. apologies, i thought you did. to get - not hold stock, no. apologies, i thought you did. to get your| i thought you did. to get your take on this, what do you think, once again a judge for the second time has overruled shareholders voted for, what is your take? it shareholders voted for, what is your take?— your take? it is a twilight zone. shareholders - your take? it is a twilight| zone. shareholders voted your take? it is a twilight - zone. shareholders voted yet again to approve it and look, i believe this is notjust going through the delaware courts, you could go through federal potentially in the supreme court. ., , potentially in the supreme court. . , ., court. the 'udge argues that tesla court. the judge argues that tesla board _ court. the judge argues that tesla board members- court. the judge argues that tesla board members are i court. the judge argues that| tesla board members are too heavily influenced by elon musk. is that an argument she could win, do you believe? look, i personally — this will be an uphill battle. the big issueis be an uphill battle. the big issue is $56 billion pay package but it was ultimately 800 billion that really shareholders were given back that he created, helped create. this will be a game of thrones battle between tesla and

ultimately this will play out in the courts. i believed hazlitt and elon musk ultimately will win this. stay with us because _ ultimately will win this. stay with us because there - ultimately will win this. stay with us because there is - with us because there is another big take a story that emerged late yesterday and we will talk about that now in the us. intel has announced its chief executive pat gelsinger is to step down and take unexpected retirement fom the company's board of directors. gelsinger led aggressive efforts to turn around the troubled us chipmaker for more than three years. for more on where that leaves the future of intel, let's get to new york and our north america business correspondent ritika gupta. the intel ceo was forced out after the board lost confidence in his plans to turnaround the iconic chip maker. there will be two interim co—ceos until the company finds a permanent replacement. the shares initially got a boost from the news on monday. intel shares are still down 50% this year. he was hired in 2021 to lead an ambitious comeback.

that did not happen and in fact intel fell further behind its rivals with strategic missteps and missing out on the ai boom. he wanted to take intel beyond its traditional strength of making pc and server processes to build a foundry business manufacturing chips for other companies. he also laid out a plan to expand theirfactory network but this was all very costly and shareholders ultimately got frustrated losing money and ran out of patience. his departure could lead to dramatic strategy shifts, for instance, one of the biggest challenges they faced was breaking into the ai market and competing with nvidia with new product so that is likely to be a key focus. it will also be as set for president biden�*s chipset, and the intel ceo was a big supporter to build the nation's semiconductor industry. ultimately, who replaces him will face the same problems he was brought in to fix and finding someone to take the hotseat may not so easy.

it's back to dan ives from wedbush securities. give us your take on this abrupt resignation of gelsinger? something you are not surprised to see, i am guessing? ii not surprised to see, i am guessing?— not surprised to see, i am guessing? if you looked up disaster in _ guessing? if you looked up disaster in the _ guessing? if you looked up disaster in the dictionary i guessing? if you looked up i disaster in the dictionary you would see him. this was a really horrific few years for intel and gelsinger, he ripped a band—aid off and started new, and still this would be an uphill battle but it has been a year to forget for intel been a uphill battle but it has been a year to forget for intel shareholders. 15 shareholders. i5 year to forget for intel shareholders.- year to forget for intel shareholders. , , shareholders. is this the right ste - , year to forget for intel shareholders.- year to forget for intel shareholders. , , shareholders. is this the right ste - , shareholders. is this the right ste, do shareholders. is this the right step. do you _ shareholders. is this the right step, do you believe, - shareholders. is this the right step, do you believe, he - shareholders. is this the right step, do you believe, he had| shareholders. is this the right ste, do shareholders. is this the right step. do you _ shareholders. is this the right step, do you believe, - shareholders. is this the right step, do you believe, he - shareholders. is this the right step, do you believe, he had| shareholders. is this the right i step, do you believe, he had to shareholders. is this the right i step, do you believe, he had to go? i go? i step, do you believe, he had to no? ~ , step, do you believe, he had to step, do you believe, he had to to? ~ , step, do you believe, he had to no? ~' _, ., ., , go? i think they automatically had to get _ go? i think they automatically had to get rid _ go? i think they automatically to? ~' _, ., ., , go? i think they automatically had to get _ go? i think they automatically had to get rid _ go? i think they automatically had to get rid of— go? i think they automatically had to get rid of him - go? i think they automatically had to get rid of him because | had to get rid of him because at the end of the day you talk had to get rid of— go? i think they automatically had to get rid of him - go? i think they automatically had to get rid of him because | had to get rid of him because at the end of the day you talk the talk but never walk the the talk but never walk the walk and when it comes of the walk and when it comes of the ai revolution intel missed out ai revolution intel missed out on that whole thing and you on that whole thing and you

have seen what has happened to have seen what has happened to the stock accordingly compared the stock accordingly compared to the nvidia and others. this to the nvidia and others. this was the right step, i think it was the right step, i think it happened later should have happened later should have happened later should have happened later should have happened probably a year ago happened probably a year ago release now they start fresh release now they start fresh going into 2025. sham; going into 2025. sham; going into 2025. any conversations - going into 2025. any going into 2025. any conversations - going into 2025. any conversations or - going into 2025. any conversations or speculation as conversations or - going into 2025. any conversations or speculation as to who i fill his shoes? i to who i fill his shoes? i think the bigger issue think the bigger issue strategically, it should be strategically, it should be broken up, i would be surprised broken up, i would be surprised if it stays in its current if it stays in its current form. anyone who comes in they form. anyone who on a will need to understand what will need to understand what will happen here because look, this will really be a very arduous battle to get this back. intel right now is a lot of pain ahead.— back. intel right now is a lot of pain ahead. thank you for our of pain ahead. thank you for your input — of pain ahead. thank you for your input in _ of pain ahead. thank you for your input in the _ of pain ahead. thank you forj your input in the programme today. so how has all this news played out on financial markets? well, the tech weighted index in the us, the nasdaq, hit a new record high on monday. swetha ramachandran is fund manager with artemis investment management.

good morning. i know the news

substance of the us is on a strong footing compared to other economies around the world. flit other economies around the world. . ., , other economies around the world. _, , ,, , world. of course everyone must be focused _ world. of course everyone must be focused on _ world. of course everyone must be focused on france _ world. of course everyone must be focused on france in - be focused on france in financial markets and what will happen this week, we saw the euro weakening significantly yesterday and paris trading was under a lot of pressure as it emerged in parliament in france, they could be a no—confidence vote in the government on wednesday? indeed, and that also adds to the euro and the european regions general economic lens where again the ecb has had to reduce rates at a speed much greater than perhaps a us fed is doing because of the underlying weakness in the economy which is now being compounded by all the turmoil around political uncertainty and gridlock in france. thank ou for and gridlock in france. thank you for your— and gridlock in france. thank you for your thoughts. - the president—elect donald trump has said afresh that he will block the japanese company nippon steel from taking over us steel.

the takeover bid has been mired in controversy for almost a year since nippon struck a deal to buy the american company for $14.9 billion. but both president biden and his successor have been opposed to a takeover of what they regard as a strategic industrial asset. nippon steel is a historic us icon. it was one the world's most valuable company and the first billion dollar corporation. donald trump thing again on a social media that he will block that deal. —— saying again. as you've been hearing, president biden is in angola in what is his first visit to the african continent during his presidency. this trip is part of his administration's us africa strategy and central to this is a $3 billion commitment to develop the lobito corridor — a railway linking critical mineral sources from the democratic republic of congo and zambia through to angola for export.

it's part of a wider plan to catch up to china's grip on africa's extensive natural resources through its belt and road investments. they have been going through africa for many years. but with the trump presidency just round the corner, there are fears this could all be too little too late. let's cross live to zambia's capital. trevor hambayi is senior managing partner at development associates. good to have you on the programme. is this true little too late, this whistlestop visit by the us president? it is an interesting perspective in terms of the timing of which president biden has actually made history of. i think the risk is obviously significant

that they will have a discussion but the risk is an implementation, that in a couple of months and a couple of days the trump administration will come into office and if the strategy towards africa is different, thenit towards africa is different, then it is unlikely he will happen in the timeframe they are talking about. the risk that comes, obviously the renewed conflict between the east and west in the cold war and africa has become the battleground. this is the reason why the trip has been associated at a time when president biden is actually leaving office. if president biden is actually leaving office.— leaving office. if this does not happen _ leaving office. if this does not happen as _ leaving office. if this does not happen as you - leaving office. if this does not happen as you say - leaving office. if this does - not happen as you say because donald trump decides he has different priorities, what will this mean for zambia, for example, the drc and angola? i think in essence it should still be able to happen because

of the position of the americans in terms of where they can position themselves in they can position themselves in the african continent, which has critical minerals and it is important that the west or the east has got a foothold on the african continent to access these critical minerals. it will happen, it mightjust not be in the same format it has originally designed in. which t to t originally designed in. which try to try to _ originally designed in. which try to try to step— originally designed in. which try to try to step in - originally designed in. which try to try to step in and - originally designed in. which try to try to step in and fill. try to try to step in and fill the void? i try to try to step in and fill the void?— the void? i think china is countering _ the void? i think china is countering this - the void? i think china is countering this again - the void? i think china is countering this again by| countering this again by creating — reviewing the investments in other infrastructure. if you look at zambia, bre landmark country in southern africa but is trying to create access to a port on the west and also has access to the west and also has access to the port on the east, the port on the east is supported by the chinese, one that has been

there since the 19705, this one they are putting on this corridor is to support access to the west which is through the american financing. tote to the west which is through the american financing. we will kee a the american financing. we will keep a close — the american financing. we will keep a close eye _ the american financing. we will keep a close eye on _ the american financing. we will keep a close eye on what - keep a close eye on what happens. trevor, thank you. around the world and across the uk, this is bbc news.

the british marquejaguar has unveiled its latest concept car in miami — the type 00. it's been a keenly awaited release, in large part because of the controversy that 5urrounded a teaser campaign for the launch last week. many on social media accused the historic brand of "going woke". let's have a quick look at that.

you get a bit of an idea there. let's explore this more now with stuart ma55on, editorial director at the car expert. what do you think? we have now seen the new electric concept car, it is dividing opinion, isn't it? it car, it is dividing opinion, isn't it?— isn't it? it is which is exactly _ isn't it? it is which is exactly what - isn't it? it is which is exactly what they . isn't it? it is which is - exactly what they wanted to isn't it? it is which is _ exactly what they wanted to do. this is a concept car, not a production car, so what we have seen now is a new logo, a concept car, and to be fair this is the easy bit. what the next step it is to get a real car into production that will actually do what it says it will do and take on higher—priced brands like bentley and rolls—royce and it leaves behind everything it has in the past. we leaves behind everything it has in the past-— in the past. we are all talking about it and _ in the past. we are all talking about it and looking - in the past. we are all talking about it and looking at - in the past. we are all talking about it and looking at the . about it and looking at the concept car now, you're getting publicity from that point of

view, is that successful for them, the rebranding exercise? absolutely, and they are creating fu55 absolutely, and they are creating fuss about a friend that was basically on its last legs so for that was basic