Citing an increased number of legal cases pending against Juul—with no end in sight, Altria slashed its valuation of Juul down to $12 billion. That’s a big loss on its original investment: Altria paid $12.8 billion for a 35% stake in Juul back in December 2018, at a valuation of $38 billion, making it one of Silicon Valley’s most valuable startups at the time. Tangent: Juul’s cofounders, Adam Bowen and James Monsees, are currently facing a lawsuit over allegedly using Altria’s $12.8 billion investment to enrich themselves, according to Bloomberg. The tobacco giant posted a net loss of $1.8 billion, compared with net income of $1.25 billion a year ago. It will continue to help Juul navigate regulatory affairs, though it also slashed long-term growth targets to reflect its hit on investment in the e-cigarette maker.

Source: Forbes January 30, 2020 14:13 UTC