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The electric automaker said it will no longer accept bitcoin as payment.
Riot, MicroStrategy, and Marathon shares tumbled on market open on Thursday.
Shares of electric automaker Tesla Inc (NASDAQ: TSLA) erased earlier losses and were trading higher by just under 2.0% after Thursday’s market open. The reversal in direction follows a surprise announcement from the electric automaker in which it said it will no longer accept bitcoin as payment.
Pro: was this a marketing ploy at Tesla?
Tesla CEO Elon Musk took to Twitter to express concern with “rapidly increasing use of fossil fuels for Bitcoin mining.” While at the surface this may appear to be a negative catalyst for Tesla stock, this wasn’t the case as shares inched higher.