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Juul Labs Cuts Its Internal Valuation by 35% to $13 Billion

  • E-cigarette maker plans steep job cuts following sales drop
  • Teen-vaping fears, lung illness have roiled e-cigarette makers
A package of Juul flavored pods.
A package of Juul flavored pods.Photographer: Gabby Jones/Bloomberg

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.