E-cigarette maker Juul cuts valuation to $10 billion - memo

Juul was valued at $38 billion in December 2018, when Marlboro maker Altria Group Inctook a 35% stake in the company.The company's new valuation was influenced by recent decisions to exit certain markets and related restructuring costs, according to the memo sent to Juul employees by chief executive officer K.C. Crosthwaite."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," he said.