elon musk
Tesla CEO and billionaire Elon Musk
REUTERS/Mike Blake/File Picture

Elon Musk's net worth dropped by $25 billion within the week Tesla stopped accepting bitcoin payments, which sent Tesla shares lower, and after the billionaire hosted Saturday Night Live.

The billionaire Tesla and SpaceX CEO's net worth fell to $159 billion on May 13 from $184 billion on May 9, according to the Bloomberg Billionaires Index.

Tesla announced earlier this week it would stop accepting bitcoin payments for cars due to the use of fossil fuels in crypto mining. Musk, who has advocated for investing in cryptocurrencies like bitcoin and Dogecoin, said he still "strongly believes" in crypto, but it "can't drive an increase in fossil fuel use."

Tesla shares tumbled all week following the announcement, and bitcoin plunged as much as 15%. Dogecoin dropped during Elon Musk's SNL debut, but rebounded later in the week.

Read more: Tesla quickly went from tiny startup to world's most valuable carmaker. These 13 leaders control its future.

Tesla also got hit with a class-action lawsuit on May 14, filed by a Solar Roof customer who said the company increased the price of his roof by $70,000 more than the agreed-upon contract.

Musk's net worth began dropping after his SNL gig on May 8, which was surprisingly tame. His net worth remained consistent in the week before his SNL hosting gig, after dipping by $10 billion in April.

Tesla faced another setback on May 13 after the National Highway Traffic Safety Administration opened an investigation into a fatal Tesla crash in California. The vehicle safety agency told Reuters it previously had 28 probes into Tesla crashes, with 24 still under investigation.

Meanwhile, SpaceX, Musk's other company, revealed the plan for its first Starship rocket orbital test flight on Thursday after successfully launching and landing a prototype for the first time this year.

Read the original article on Business Insider