Juul’s meltdown costs tobacco giant Altria $4.5 Billion

10/31/19–Altria, one of the world’s largest tobacco companies, said it had devalued its investment in the vaping company Juul Labs by $4.5 billion, a move that reflects deepening turmoil in the e-cigarette industry. The company pointed to recent bans on vaping, a $7 billion industry, across the United States and the “increased likelihood” that the Food and Drug Administration would “remove flavored e-vapor products from the market.” Read