Tin, tantalum, tungsten and gold. All of these minerals are found in our electronics and all are considered conflict minerals, due to their potential origin in the Democratic Republic of Congo. While the African country contains an estimated $24 trillion in untapped mineral resources, it remains mired in poverty and violence, and mining these four metals can help fund armed conflict in the region.
But the metals are integral to consumer electronics. In a smartphone, for example, tin is used to solder metal components together, while tantalum is used in capacitors, which store electrical energy. Tungsten is used in the components that make a phone vibrate, and gold is used in circuit board connectors.
In the past decade, African countries, intergovernmental organizations and companies have ramped up their efforts to clean up mineral supply chains. But consumers still can’t be sure if the minerals in their electronics are fully conflict-free, or if the mines where they originated are dangerous, environmentally destructive, or use child labor.
“The whole process is muddied,” says Oluwole Ojewale, the Regional Organized Crime Observatory coordinator for Central Africa at the Institute for Security Studies in Dakar, Senegal.
That’s largely because in the DRC and surrounding countries, hundreds of thousands of people work in the informal mining sector, toiling away using hand tools in what are known as artisanal and small-scale mines. This type of mining can be hazardous and difficult to regulate, but it’s also one of the few sources of income available to some of the world’s poorest men and women.
So while companies like Apple, Microsoft, Intel and Tesla put out extensive reports on conflict minerals every year, usually stating that there is no reason to believe the minerals they source help to support armed groups, corruption and instability at mine sites means there are no guarantees.
Apple, Intel and Tesla did not reply to requests for comment, while a Microsoft spokesperson stated, “Microsoft remains committed to responsible and ethical sourcing and takes this issue very seriously.”
“You have the international market that has these perfect standards,” explains Joanne Lebert, the executive director at IMPACT, a nongovernmental organization focused on improving natural resource governance in areas where security and human rights are at risk.
“They want perfect environmental conditions. They want all the development factors taken in, like gender equality and anti-corruption and this and that. They want the perfect package, but that’s not the situation on the ground,” Lebert said.
The situation on the ground
Artisanal miners in the South Kivu Province of the Democratic Republic of the Congo mining cassiterite, the primary ore of tin.
GRIFF TAPPER/AFP via Getty Images
Only about 2% of the world’s tin, tungsten and gold comes from the DRC and surrounding countries, so mining these minerals doesn’t usually help fund armed conflict. But 67% of the world’s tantalum comes from the DRC and Rwanda. And the eastern DRC, where these minerals are found, is mired in violence stemming from historical tensions between the Hutu and Tutsi ethnic groups.
After the Second Congo War ended in 2003, a transitional government was unable to contain armed groups who perpetrated violence against civilians, thus giving rise to self-defense militias. Today, rampant poverty, corruption, and institutional chaos continues to drive many Congolese to join one of the over 120 armed groups operating in the eastern DRC.
“Before the artisanal miners can access the coltan mines or other places, they have to pay taxes to the armed group,” Ojewale said. Coltan is the metallic ore from which tantalum is extracted.
Beyond taxation, these groups fully take over some mines, either extracting the ore themselves or using forced labor, purchasing arms with the proceeds. And conditions in artisanal mines can be quite dangerous.
“I think in the past four or five years, every year we’ve had people being buried underground,” said Nicolas Kyalangalilwa, a pastor and civil society leader in Bukavu, a city in the eastern DRC. “So, it is a very dangerous job, both from a security side, from a financial stability side, from a health and safety side.”
Such conditions also apply to other minerals found in the DRC, like cobalt, which is surging in demand due to its importance in batteries for electric vehicles. Around 70% of the world’s cobalt is mined in the relatively safer southern DRC. It may not be benefiting armed groups, but there are still concerns over working conditions and the use of child labor.
Efforts to trace minerals
With the passage of the Dodd-Frank Act in 2010, U.S. companies are required to disclose their use of conflict minerals.
“If you’re a big company, you’re a name brand, you’re consumer-facing, you can easily spend a million on this,” explained Chris Bayer, principal investigator at the nonprofit International Development. “And the big brands that we all know, they would spend a lot more.”
This has given rise to a web of organizations working to trace and verify supply chains. For example, Apple, Microsoft, Tesla, Intel, Samsung and hundreds of other companies are members of the Responsible Minerals Initiative, which maintains a list of smelters and refiners that have undergone an independent audit to ensure that they’re sourcing responsibly. In its most recent conflict minerals report, Apple said it has removed 163 smelters and refiners from its supply chain since 2009, including 12 in 2021.
Then there are the organizations actually doing on-the-ground tracing and due diligence at mine sites. The International Tin Supply Chain Initiative is the main player in the DRC and surrounding region, working in over 2,000 mines. The organization trains government agents to tag and seal bags that come from registered mines. But no system is foolproof, and if agents are corrupt, they might accept minerals from outside, unregistered mines and tag them anyway.
“You also have the issue where the agents were actually selling the tag to other mines,” says Guillaume de Brier, a natural resources researcher at the International Peace Information Service. “At the end, even when the system was working, those minerals were melted with the minerals from other mines.”
Ultimately, it’s just really hard to stop bad actors in the system. But experts say the answer isnot boycotting minerals from the DRC or from artisanal and small-scale mines overall.
A woman in the South Kivu Province of the Democratic Republic of the Congo breaks stones that contain cassiterite, the primary ore of tin.
Tom Stoddart/Getty Images
“If we recognize, for example, that artisanal mining is the most important rural, non-farming activity, employing tens of millions throughout Africa, generally, 30 to 40 percent of which are women, making sure that we’re decriminalizing that and recognizing that as legitimate is the first step to supporting them,” Lebert of IMPACT said.
Lasting change will likely only come when the DRC stabilizes.
“Ultimately the conditions that we see on the ground or the human rights issues that are of concern to us all are very much linked to governance, poverty,” Lebert said. “We need to get at these more systemic issues if we want to see lasting changes in supply chains, not just de-risking in the short or medium term for a company’s benefit.”
This photo illustration created on Jan. 7, 2025, in Washington, D.C., shows an image of Mark Zuckerberg, CEO of Meta, and an image of the Meta logo.
Drew Angerer | AFP | Getty Images
Meta’s core online advertising business could take a $7 billion hit this year due to President Donald Trump’s tough China tariffs impacting retailers in the country.
The MoffettNathanson analysts pointed to Meta’s latest annual report in which the company revealed that its China revenue was $18.35 billion in 2024, equating to a little over 11% of total its total sales. Like other analysts, MoffettNathanson believe Temu and Shien comprise the bulk of Meta’s China business, and if those online retailers cut back on their ad campaigns this year, the social networking giant’s 2025 ad sales could be impacted by $7 billion.
Meta did not immediately respond for a request for comment.
There are already signs of a pullback, the analysts wrote, citing a CNBC report about Temu reducing its U.S. advertising spending and seeing a big drop in its Apple App Store rankings following Trump’s China tariffs.
“China’s importance to Meta’s business cannot be overstated,” the analysts wrote in the note. “While Meta does not provide a country-level breakdown of revenue within Europe, we logically can presume that China is Meta’s second-largest revenue source after the United States — a remarkable position for a country where Meta has no users or active platforms.”
Meta could be in even more trouble if the broader markets heads into a recession this year, as some analysts and corporate financial chiefs have predicted. A “truly prolonged economic downturn” combined with the U.S. and China trade dispute “could wipe $23 billion in 2025 advertising revenues off Meta’s books and crush our 2025 earnings by -25%,” the analysts said.
“As noted earlier, we believe Meta is particularly exposed to a pullback in ad spend from Chinese advertisers,” the analysts said. “In a scenario where a recession is triggered or exacerbated by escalating trade tensions, Meta would face a dual headwind: cyclical advertising weakness and a targeted decline in Chinese ad spend.”
The MoffettNathanson analysts still maintain a Buy rating on Meta, said they have but decreased their target price by $185 to $525.
Meta shares have dropped about 19% to $499.36 since Trump was officially sworn in as U.S. president for the second time.
The company reports its first-quarter earnings next Wednesday.
It’s been a brutal year for Tesla shareholders so far, and a hugely profitable one for short sellers, who bet on a decline in the company’s stock price.
Tesla shorts have generated $11.5 billion in mark-to-market profits in 2025, according to data from S3 Partners. The data reflected Monday’s closing price of $227.50, at which point Tesla shares were down 44% for the year.
The stock rallied about 4% on Tuesday, along with gains in the broader market, heading into Tesla’s first-quarter earnings report after the close of trading. Tesla didn’t immediately respond to a request for comment.
The electric vehicle maker is expected to report a slight decline in year-over-year revenue weeks after announcing a 13% drop in vehicle deliveries for the quarter. With CEO Elon Musk playing a central role in President Donald Trump’s administration, responsible for dramatically cutting the size and capacity of the federal government, Tesla has faced widespread protests in the U.S. and Europe, where Musk has actively supported Germany’s far-right AfD party.
Tesla shares plummeted 36% in the first quarter, their worst performance for any period since 2022, and have continued to drop in April, largely on concerns that President Trump’s sweeping tariffs on top trade partners will increase the cost of parts and materials crucial for EV production, including manufacturing equipment,automotive glass, printed circuit boards and battery cells.
The company is also struggling to keep pace with lower-cost competitors in China, and is a laggard in the robotaxi market, which is currently dominated in the U.S. by Alphabet’s Waymo. Tesla has promised to launch its first driverless ride-hailing offering in Austin, Texas, in June.
Tesla has been the biggest stock decliner among tech megacaps this year, followed by Nvidia, which was down about 28% as of Monday’s close. The chipmaker has been the second-best profit generator for short sellers, generating returns of $9.4 billion, according to S3.
Nvidia is currently the most-shorted stock in terms of value, with $24.6 billion worth sold short, S3 said. Apple is second at $22.2 billion, and Tesla is third at $17.6 billion.
Musk has a long and antagonistic history with short sellers, who have made plenty of money at times during Tesla’s 15 years on the stock market, but have also been burned badly for extended stretches.
In 2020, Tesla publicly mocked short sellers, promoting red satin shorts for sale.
“Limited edition shorts now available at Tesla.com/shortshorts” Musk wrote in a social media post in July of that year, as the stock was in the midst of a steep rally.
Two years earlier, hedge fund manager David Einhorn of Greenlight Capital posted a tweet that he received the pairs of short shorts that Musk had promised him.
“I want to thank @elonmusk for the shorts. He is a man of his word!” Einhorn wrote. Einhorn had previously disclosed that his firm’s bet against Tesla “was our second biggest loser” in the most recent quarter.
In February 2022, after reports surfaced that the Department of Justice was investigating two investors who had shorted Tesla’s stock, Musk told CNBC that he was “greatly encouraged” by the action and said “hedge funds have used short selling and complex derivatives to take advantage of small investors.”
PlainSite founder Aaron Greenspan, a former Tesla short seller and outspoken critic of Musk, sued the Tesla CEO alleging he engaged in stock price manipulation for years through a variety of schemes.
The case was removed to federal court last year. In 2023, Musk’s social network X banned Greenspan and PlainSite, which publishes legal and other public and company records, from the platform.
Instagram on Tuesday launched its standalone Edits video creation app that offers features similar to those already available from TikTok parent Bytedance.
The new app allows creators to organize project ideas, shoot and edit video, and access insights about content. Edits includes background replacement, automatic captioning and artificial intelligence tools that can turn images into video.
“There’s a lot going on in the world right now and no matter what happens, we think it’s our job to create the most compelling creative tools for those of you who make videos for not just Instagram but for platforms out there,” said Adam Mosseri, the head of Instagram, in a Reel posted in January announcing the app.
Edits appears to be Meta‘s answer to CapCut, TikTok’s sister app that is also owned by China-based parent company ByteDance, which allows users to create and edit video on their phone or computer.
Instagram Edits app.
Courtesy: Instagram
Read more CNBC tech news
With TikTok’s future uncertain, Instagram’s move to launch Edits could be seen as a step to gain ground in the next era of short video creation in the creator economy.
Earlier this month, President Donald Trump for a second time extended the deadline for ByteDance to divest TikTok’s U.S. operations or face an effective ban. The deadline is now mid-June.