Tesla’s Vanishing Order Hastens Fall of an $800 Million Fortune
A Tesla Cybertruck and other Tesla vehicles parked at a logistics zone in Seattle.
Photographer: M. Scott Brauer/BloombergTesla Inc. once propelled a little-known South Korean family into the ranks of the ultra-rich on a landmark supply deal. But as the contract fell short of expectations, it became a drag on a fortune that was already under pressure — with the full extent only now becoming clear.
Shares in L&F Co., a producer of high-nickel cathodes used in electric-vehicle batteries, have fallen more than 70% from their 2023 peak, which was fueled by a massive Tesla order then valued at $2.9 billion. On Monday, the company disclosed that the contract value had been restated to just $7,386 — a 99% reduction.