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Altria's $13B Juul investment has lost 95% of its value
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FILE - Packaging for an electronic cigarette and menthol pods from Juul Labs is displayed on Feb. 25, 2020, in Pembroke Pines, Fla. The Food and Drug Administration and Juul have agreed to suspend court proceedings while the agency conducts additional review of the company's vaping devices. The agreement Wednesday, July 6, 2022, comes one day after the FDA placed a hold on its initial order banning Juul’s products. - photo by AP Photo/Brynn Anderson, File
WASHINGTON (AP) — Cigarette maker Altria's $13-billion investment in the troubled vaping company Juul has gone up in smoke — now worth less than 5% of its original value as U.S. regulators move to ban its e-cigarettes. Altria slashed the value of its Juul investment again Thursday, pegging its value at under $500 million as it reported second-quarter earnings. Previously, the Marlboro maker had valued its stake in the company at $1.6 billion.