Juul Labs has dropped its valuation to about $10 billion, down from $38 billion two years ago when tobacco giant Altria Group Inc. took a 35% stake, the company told employees on Thursday.
Once one of the country’s most highly valued startups, Juul has been pummeled over the past two years by regulatory crackdowns, lawsuits and investigations into whether it marketed its products to teens. Its sales and market share have tumbled. The company said last month that it was cutting more than half its workforce and considering pulling…
