Fidelity Fund Slashes Value of Its Juul Stake by Almost 50%
- Blue Chip Fund values its Juul investment at $386 million
- E-cigarette company hit by regulatory troubles, lawsuits
Photographer: Gabby Jones/Bloomberg
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Fidelity Investments slashed the estimated value of its stake in Juul Labs Inc. amid a government crackdown on the e-cigarette company.
The Fidelity Blue Chip Growth Fund disclosed online that the value of its Juul shares plunged about 48% during September. The fund held almost two-thirds of the 4.1 million Juul shares that Fidelity reported owning on a combined basis at the end of July.