His statement comes at a time when the world is highly concerned about inflation.
He made the clarification in a recent tweet.
The drop comes amid a steep 15-percent decline in Tesla's shares.
Tesla will be looking at other, more sustainable cryptocurrencies.
The investor accuses Musk of violating a 2018 settlement with the SEC.
Elon Musk has announced new corporate titles for himself and Zach Kirkhorn.