A single order from Elon Musk's Tesla has boosted a family's fortune to over $800 million
A single order from Elon Musk's Tesla has boosted a family's fortune to hundreds of millions of dollars.
Shares in L&F, a South Korea-based cathode company, have skyrocketed 82% this year after it secured a $2.9 billion order from the US carmaker. It's meant the Jae-hong family, who owns stock in the battery-material firm, are now worth over $800 million,Tesla has been a long-time customer of L&F, purchasing the company's cathodes for years through batteries provided by LG Energy Solution – but this is the first time Musk's automaker has becomes a direct client, per the outlet.
Following the Tesla deal, L&F expects its dependence on LG Energy Solution will fall to 50% of revenue generated by 2025. "The fact that its latest client is not any other but the one that's leading the market carries even bigger significance," a Meritz Securities analyst told Bloomberg. Tesla's dominance of the electric-vehicle industry has seen the company trigger a price war to boost demand for its vehicles - and analysts say it's. The carmaker recently reported record first-quarter deliveries, up 36% from a year earlier.
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