Why Tesla's Stock Is Trading Lower Today

Tesla, Inc. TSLA shares are trading lower after the company announced it's no longer accepting Bitcoin as payment.

According to Elon Musk's tweet, the automaker is concerned about the “rapidly increasing use of fossil fuels” used for Bitcoin mining and transactions.

See Also: Tesla Suspends Vehicle Purchases Via Bitcoin Over Environmental Concerns

Tesla designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, and internationally. The company operates in two segments, Automotive, and Energy Generation and Storage.

Tesla's stock was trading approximately 2.5% lower at $575.82 per share. The stock has a 52-week high of $900.40 and a 52-week low of $152.80.