Juul's booster reduces valuation to $19B - report

Monday, 09. December 2019 18:32

Tiger Global Management cut Juul Labs Inc.'s valuation to $19 billion in September, the Wall Street Journal reported on Monday, citing sources with knowledge of the situation.

The newspaper also obtained a memo that showed that Juul slashed its own valuation to $24 billion upon finalization of the third fiscal quarter. Juul was evaluated at $38 billion by Tiger Global Management one year ago.

In December 2018, Altria Group Inc. bought a 35% stake of the electronic cigarette producer, but wrote down the investment by $4.5 billion in October. Juul then announced a 16% cut of its workforce ahead of lawsuits by the attorneys general of District of Columbia, California and New York state aimed against its marketing practices.

Related Links: Altria Group Inc.
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Breaking the News / MS