Altria takes $4.5 billion hit from its investment in electronic-cigarette maker Juul amid vaping backlash
- Altria Inc took a $4.5 billion hit from its investment in embattled electronic-cigarette maker Juul Labs Inc on Thursday, the latest setback for the startup as a regulatory crackdown on vaping threatens to upend the fast-growing industry.
But increased political backlash and regulatory bans following a surge in teenage vaping have clouded Juul’s future and were largely responsible for the collapse of Altria’s merger talks with Philip Morris last month. Willard said growth in e-cigarette volumes is likely to slow down in the United States compared with the company’s original estimates.
Antitrust enforcers are also probing Altria for potentially exerting influence over Juul Labs Inc in the resignation of former CEO Kevin Burns, who oversaw the San Francisco-based company’s meteoric growth from a 300-person startup to an international operation employing thousands.
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Altria writes down Juul investment by $4.5 billion amid vaping crackdownThe tobacco giant said no single factor led to the charge, but it did cite the increasing regulatory pressure on vaping.
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Altria writes down Juul investment by $4.5 billionAltria wrote down its investment in Juul by about one-third, recording a $4.5 billion pre-tax charge against its third-quarter earnings, the company said Thursday.
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Altria writes down investment in troubled e-cigarette maker Juul by $4.5 billionAltria wrote down its investment in Juul by about one-third, recording a $4.5 billion pre-tax charge against its third-quarter earnings, the company said Thursday.
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Altria Cuts Value of Juul Stake by $4.5 BillionAltria Group wrote down the value of its investment in Juul Labs by $4.5 billion, a move that comes as the e-cigarette maker faces heightened regulatory scrutiny and federal investigations.
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