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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