After exiting different markets and restructuring, e-cigarette maker Juul Labs Inc has lowered its valuation to USD 10 billion, reports Reuters.

When Marlboro maker Altria Group Inc MO.N took a 35 per cent stake in Juul back in 2018, the company was valued at USD 38 billion. Since then, the company has faced a huge backlash and been accused of purposefully marketing its products to youths. The bad press and increasing regulatory scrutiny which followed have had a huge impact on the once strong company.
Juul was valued at USD 12 billion at the end of last year, and the new USD 2 billion drop has been influenced by recent decisions to exit certain markets and restructuring costs, according to a memo sent to Juul employees which was seen by Reuters.
“Today’s valuation does not surprise me, and I expect other investors to also arrive at lower valuation marks that factor in our recent restructuring,” said chief executive officer K.C. Crosthwaite.