By Rebecca Elliott 

Tesla Inc. Chief Executive Elon Musk says the company has suspended taking bitcoin payments for its vehicles.

"We are concerned about rapidly increasing use of fossil fuels for bitcoin mining and transactions, especially coal," Mr. Musk said Wednesday on Twitter.

Tesla earlier this year began to accept the cryptocurrency as payment for products sold in the U.S.

Mr. Musk said the company would resume using bitcoin for transactions "as soon as mining transitions to more sustainable energy."

(more to come)

Write to Rebecca Elliott at rebecca.elliott@wsj.com

 

(END) Dow Jones Newswires

May 12, 2021 18:48 ET (22:48 GMT)

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