Single Tesla order from Elon Musk has increased a family’s fortune to more than $800 million

A single Tesla order boosted a family’s fortune by hundreds of millions of dollars.

L&F, a South Korean cathode company, has seen its stock rise 82% this year after receiving a $2.9 billion order from the US carmaker. According to Bloomberg, the Jae-hong family, who control stock in the battery-material business, is now worth more than $800 million.

Tesla has long been a customer of L&F, buying cathodes from the company through batteries provided by LG Energy Solution – but this is the first time Musk’s carmaker has been a direct client, according to the site.

Following the Tesla deal, L&F expects its reliance on LG Energy Solution to decrease to 50% of the income 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 in the electric-vehicle company has prompted the corporation to start a pricing war to increase demand for its vehicles and analysts think it is working. The carmaker just recorded record first-quarter deliveries, which were up 36% year on year.

So far this year, the EV maker’s stock has risen 73% to $187 a share, making it one of the best-performing businesses on the tech-heavy Nasdaq Composite index.

Meanwhile, shares in companies that provide electric-vehicle components or materials have increased dramatically in recent years, increasing the wealth of their owners.

According to Bloomberg, Ryu Kwang-ji, the chairman of chemical maker Kumyang Co, saw his stake in the company grow to $1.4 billion after the share price increased by more than 1.600% in the previous year.