Juul Labs Inc. slashed its internal valuation by 35% to roughly $13 billion, days after the e-cigarette maker outlined plans to cut about a third of its workforce.
The reduction brings Juul roughly in line with one of its largest investors, the tobacco giant Altria Group Inc., which bought a 35% stake in Juul in 2018 and has since marked its holdings down to a level that implies a valuation of about $12 billion. Juul Chief Executive Officer K.C. Crosthwaite described the results of the company’s quarterly evaluation in an internal email to employees reviewed by Bloomberg News.
