NEW YORK (AP) — The price of bitcoin fell below $50,000 Thursday morning after Tesla CEO Elon Musk tweeted a day earlier that the electric car maker would stop accepting the digital currency as payment for its vehicles.
Musk on Wednesday cited environmental concerns for the change in policy.
He also said that Tesla won’t be selling any of the Bitcoin it owns.
The price of bitcoin slipped to $49,880 in morning trading Thursday, the first time it’s been below $50,000 since early March. Tesla shares edged higher Thursday after falling 4.4% on Wednesday.