On Monday, South Korean battery materials producer L&F announced that the value of its 2023 supply agreement with Tesla has plunged to $7,386 from an earlier forecast of $2.9 billion. The reduction reflects lower-than-expected offtake of cathode precursor and nickel-rich active materials destined for Tesla’s Gigafactory production lines. L&F confirmed it shipped 12,500 tonnes of battery-grade cathode material to Tesla through November, down 78% year-on-year, and attributed the downward revision to Tesla’s inventory optimization and softer EV deliveries in key North American and European markets.

Tesla CEO Elon Musk took to social media to criticize China’s reported plan to restrict silver exports from January, stating that “silver is needed in many industrial processes.” While spot silver recently hit a record $79.16 per ounce after a 10% rally, Musk highlighted that silver is a critical component in EV motor windings, solar photovoltaic cells and electronics. Any export curbs could raise production costs for Tesla’s Shanghai and Fremont factories, where silver paste is used in solar roof modules and power electronics, potentially squeezing gross margins if alternative sourcing proves more expensive.

According to the Bloomberg Billionaires Index, Elon Musk’s net worth surged by $205 billion in 2025 to reach $638 billion, eclipsing the combined $193 billion gain of Google co-founders Larry Page and Sergey Brin. Musk’s wealth increase underscores Tesla’s meteoric market capitalization growth, now the world’s most valuable automaker. Investors note that Musk’s personal stake — roughly 13% of Tesla’s expanded share count — remains a key alignment factor, as future unlocks of performance stock options are tied to ambitious delivery and market-cap milestones.

In mid-September, Elon Musk deployed $1 billion of personal capital to buy Tesla shares at an average price of $395.94. Following a year-end rally, those shares are now trading roughly 20% higher, resulting in an unrealized profit of about $200 million over a 106-day holding period. Tesla’s shares bounced from interim lows in November amid broader market swings, then surged into December on optimism around vehicle deliveries, AI software updates and a proposed billion-dollar CEO compensation plan that further solidified investor confidence in Musk’s commitment.