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

Benzinga_recent_news02-02 21:31

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...

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Less than two years later, the...</p>\n\n<a href=\"https://www.benzinga.com/news/topics/26/02/50297386/tesla-made-a-little-known-family-insanely-rich-with-a-2-9b-deal-then-cybertruck-delays-wiped-out-more-than-99-9-of-it\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4543","symbol_name":"AI","start_time":0,"source_url":"https://www.benzinga.com/news/topics/26/02/50297386/tesla-made-a-little-known-family-insanely-rich-with-a-2-9b-deal-then-cybertruck-delays-wiped-out-more-than-99-9-of-it","article_id":"2608411864","we_media_id":null,"thumbnails":["https://cdn.benzinga.com/files/images/story/2026/02/02/Tesla-Cybertruck.jpeg?optimize=medium&dpr=2&auto=webp&width=240"],"rights":{"source":"benzinga_recent_news","url":"https://www.benzinga.com/news/topics/26/02/50297386/tesla-made-a-little-known-family-insanely-rich-with-a-2-9b-deal-then-cybertruck-delays-wiped-out-more-than-99-9-of-it","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2608411864","pubTimestamp":1770039060,"columns":[],"sourceInfo":{"source_id":"benzinga_recent_news","name":"Benzinga"},"weMediaInfo":null,"summary":"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. 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Less than two years later, the value of that contract was quietly revised down to just $7,386.\nYes, from $2.9 billion to $7,386. A 99.9997% collapse.\nBehind 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 affiliates, covering planned deliveries through 2025. At the time, the deal was seen as a game changer — expanding L&F's client base and opening the door to direct business with one of the world's most powerful automakers.\nDon't Miss:\nInvestors rushed in. Shares soared. And the company's chairman and CEO, Hur Jae-hong, landed on the Bloomberg Billionaires Index alongside his family, their stake briefly worth more than $800 million.\nAt the end of December, the dream came crashing down. In a regulatory filing submitted in South Korea, L&F disclosed that the projected contract value had been revised to $7,386, citing only a \"change in supply quantity.\" No further explanation was given in the filing. \nA senior analyst at Samsung Securities told Reuters that weak demand and low manufacturing yields likely slashed Tesla's order volume, effectively nullifying the revenue L&F had once projected.\nTrending: Wall Street's $12B Real Estate Manager Is Opening Its Doors to Individual Investors — Without the Crowdfunding Middlemen\nL&F's stock had already been in retreat. The company's shares fell more than 70% from their 2023 peak on the Korean Exchange, as enthusiasm around the EV market cooled and concerns mounted over L&F's reliance on a small number of major buyers. Tesla was expected to help offset that imbalance. Instead, the revised filing confirmed that one of its biggest breakout opportunities had all but vanished.\nAs a result, the Hur family's listed holdings in L&F — once worth over $800 million — have dropped to about $134 million, according to Bloomberg. \nEven with the contract collapsed, analysts say L&F is still in Tesla's orbit — just not directly. In a research note cited by Bloomberg, KB Securities analyst Changmin Lee said that about 80% of L&F's revenue still comes from its relationship with LG Energy Solution, which supplies Tesla with battery components for high-volume models like the Model Y.\nLee added that the indirect supply chain \"appears to be progressing smoothly, regardless of yesterday's disclosure.\"\nSee Also: Americans With a Financial Plan Can 4X Their Wealth — Get Your Personalized Plan from a CFP Pro\nThat diversification timeline now looks much less certain.\nDespite the Tesla stumble, Bloomberg reported that L&F may still have runway. Citing Yuanta Securities Korea, the outlet said L&F is set to begin full-scale production for Rivian Automotive in 2026, following a contract secured in early 2025. It also supplies mid-nickel cathodes to SK On, which manufactures EV batteries used in Hyundai Motor Co. vehicles.\nStill, the $2.9 billion Tesla promise that once made L&F look like a rising global force — and temporarily catapulted the Hur family to ultra-wealthy status — now exists as a footnote. Or, more precisely, as a $7,386 line item in a filing. \nRead Next: Designed for investors with strong market convictions, REX Shares builds ETFs for income, leverage, and tactical positioning — explore the lineup.\nImage: Shutterstock","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-2","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2608411864","isCrawlerRequest":true}