Crosthwaite reportedly said the $10 billion did not "surprise" him, and that he expected "other investors to also arrive at lower valuation marks that factor in our recent restructuring." Henrico County, Va.-based Altria paid $12.8 billion for a 35% stake in Juul back in December 2018 at a valuation of $38 billion. The firm announced a restructuring in September that included both layoffs and the possibility of an exit from European and Asian markets. That would enable Altria to develop its own e-cig products before the agreement’s originally intended expiration of December 2024. Further ReadingE-cigarette maker Juul cuts valuation to $10 billion: memo (Reuters)Juul Valuation Falls To $12 Billion As Altria Takes Another $4.1 Billion Hit (Forbes)

Source: Forbes October 30, 2020 15:56 UTC