Tesla Made A Little-Known Family Insanely Rich With a $2.9B Deal—Then Cybertruck Delays Wiped Out More Than 99.9% of It

One South Korean family saw their fortune swell past $800 million on paper — not from an IPO, not from real estate, not from crypto — but from a battery deal with Tesla. Less than two years later, the value of that contract was quietly revised down to just $7,386. Yes, from $2.9 billion to $7,386. A 99.9997% collapse. Behind the swing is L&F Co., a manufacturer of high-nickel cathode materials used in electric vehicle batteries. In February 2023, the company signed a supply agreement with Tesla and its ...