The tobacco giant said no single factor led to the charge, but it did cite the increasing regulatory pressure on vaping.
Tobacco giant Altria said it wrote down its investment in e-cigarette maker Juul by $4.5 billion during the third quarter. The company said no one factor led to the charge, but it did cite the rising regulatory pressure on vaping and flavored e-cigarettes. Altria purchased a 35% stake in Juul last year for $12.8 billion, valuing the company at $38 billion. Watch Altria trade live on Markets Insider. Altria, the owner of Marlboro, wrote down its investment in e-cigarette maker Juul by $4.
Tobacco giant Altria said it wrote down its investment in e-cigarette maker Juul by $4.5 billion during the third quarter. The company said no one factor led to the charge, but it did cite the rising regulatory pressure on vaping and flavored e-cigarettes. Altria purchased a 35% stake in Juul last year for $12.8 billion, valuing the company at $38 billion. Watch Altria trade live on Markets Insider. Altria, the owner of Marlboro, wrote down its investment in e-cigarette maker Juul by $4.
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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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Juul will cut 500 jobs as it prepares for a ban on flavored pods - Business InsiderJuul will cut 500 jobs as it prepares for a proposed nation-wide ban on flavored pods, which comprise over 80% of its US sales.
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