The vaping start-up used to be a hot stock, writes Danny Fortson in San Francisco, but now it is on the brink of going up in smoke
Juul was once the hottest start-up in Silicon Valley. In 2018, the vaping pioneer became the youngest company to achieve a market value of $10 billion (£7 billion) as its vape pens flew off the shelves.
Later that year, tobacco giant Altria, which sells Marlboro in the US, bought a 35 per cent stake, valuing the three-year-old firm at $38 billion and turning its co-founders, James Monsees and Adam Bowen, into billionaires. It also led to an average $1.3 million cash payment for each of its 1,500 workers.
Danny Forston – The Times – 2021-07-18.
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