bitcoin

Tesla stock dips by 4%

Tesla has its stock price dip yet again as the consequences of Elon Musk’s criticisms for Bitcoin’s energy consumption continue to unfold.

The company’s stock witnessed a 4% drop in price today alone.

This continues the downturn that has seen it dip by 20% in April and over 12% in the last five days.

Recall that Tesla stock was valued at around $900 sometime in January, it has dropped more than 36% and is currently selling at $576.86 (at the time of writing).

Not too many people will sympathize with the car company, considering that the owner Elon Musk had been fudding the crypto market with his tweets.

Musk’s tweet halted the bullish market run and sparked a downtrend across the board.

“We are concerned about rapidly increasing use of fossil fuels for bitcoin mining especially coal,” one of the billionaire’s tweet read as he announced Tesla will suspend accepting Bitcoin as a means of payment.

Although it was revealed that Tesla will continue to keep its current Bitcoin (BTC) holdings.

Literally, every cryptocurrency investor has been affected by Musk’s recent comments.

They can be consoled by the fact that he’s somewhat affected too.  

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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