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Elon Musk is giving up a bit of control over Tesla. That’s the upshot of a settlement the electric carmaker reached over the weekend with the Securities and Exchange Commission. The agreement settles fraud charges the SEC brought against Musk, after he tweeted in August that he had “funding secured” for a deal to take Tesla private. Turns out he didn’t. The agreement with the SEC is aimed at reining in Musk.

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Follow Nancy Marshall-Genzer at @MarshallGenzer