Tobacco giant Altria takes another big charge on its Juul Investment amid regulatory crackdowns on the e-cigarette market
Altria Group Inc. took another big charge on its investment in Juul Labs Inc. and stripped down its agreement to provide services to the startup as it weathers regulatory crackdowns on the e-cigarette market.
The tobacco giant on Thursday said the value of its stake in Juul fell by $4.1 billion in the fourth quarter. It now values the e-cigarette maker at about $12 billion, down from its $38 billion valuation when Altria invested in 2018.
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