Earlier this month, Altria Group (MO), the company behind Marlboro cigarettes, divested itself from Juul Labs, recording a $12.5 billion loss.
In the past, Altria has benefitted from its position as an oligopoly player in the tobacco and nicotine industry. As a result, it enjoyed significant cash flows that led it down many pathways. MO has explored expanding beyond the core combustibles business, but the company's efforts have mainly been destructions of capital. Management and the board bear the most responsibility for these setbacks, but are more interested in shifting blame onto failed investments such as Juul.
