Andrea Felsted, Columnist

Altria's Juul Vaping Misadventure Is a Scorcher

Far from future-proofing its business, Altria’s ill-fated e-cigarette foray only increases the challenges of weaning off cigarettes.

January 30, 2020 at 5:47 PM UTC

By Andrea Felsted

Andrea Felsted is a Bloomberg Opinion columnist covering consumer goods and the retail industry. Previously, she was a reporter for the Financial Times.

An e-cigarette investment goes up in smoke.
Photographer: Gabby Jones/Bloomberg

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Altria Group Inc.’s investment in Juul Labs Inc. is getting vaporized.

The tobacco giant on Thursday announced a $4.1 billion non-cash charge related to its stake in the maker of electronic cigarettes. It’s the second writedown in three months, and means Altria’s 35% stake is now valued at $4.2 billion, about a third of its original $12.8 billion investment. Altria shares more than 5% in midday trading.