Juul Labs Valuation Cut 88% at Fidelity and Capital Group
- E-cigarette company is under scrutiny by US regulators
- Marlboro maker Altria has also written down Juul investment
Juul Labs Inc. e-cigarette pods.
Photographer: Daniel Acker/BloombergThis article is for subscribers only.
Fidelity Investments and Capital Group Cos. slashed their valuations for Juul Labs Inc. in the second quarter as a US crackdown on vaping roils the company.
Both asset managers reported their funds cut shares of Juul by about 88%, according to an analysis of data compiled by Bloomberg. Fidelity funds trimmed Juul to $4.86 a share as of June 30 from $41.01 on March 31, while a Capital Group fund reduced the closely held firm to $6.46 from $52.40 in the same period, the data show.