Altria cuts its losses on Juul, accepting a 98% collapse in its $12.8bn investment

Altria has confirmed that it has swapped its 35% stake in Juul Labs for heated tobacco intellectual property rights, ending an investment which plummeted in value from $12.8bn to only $250m in just over four years. So far, Juul has never launched a heat-not-burn (HnB) product, despite years of talks on working to develop such a device.

Altria CEO Billy Gifford  said: “We believe exchanging our Juul ownership for intellectual property rights is the appropriate path forward for our business.”

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Antonia Di Lorenzo

Assistant news editor/senior reporter
Antonia is a member of the editorial team and holds a masters degree in Law from the University of Naples Federico II, Italy. She moved in 2013 to London, where she completed a postgraduate course at the London School of Journalism. In the UK, she worked as a news reporter for a financial newswire and a magazine before moving to Barcelona in 2019.

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