Cigarette maker Altria's $13-billion investment in the troubled vaping company Juul has gone up in smoke — now worth less than 5% of its original value as U.S. regulators move to ban its e-cigarettes.
Altria slashed the value of its Juul investment again Thursday, pegging its value at under $500 million as it reported second-quarter earnings. Previously, the Marlboro maker had valued its stake in the company at $1.6 billion.
