The e-cigarette maker’s CEO K.C. Crosthwaite told employees in a memo that the company “made some difficult decisions that impacted our short-term outlook.” At the start of the year, the company valued itself at US$20 billion, according to Bloomberg, but dropped that in May to about US$13 billion. (The Wall Street Journal, Bloomberg)

Talking point: Once one of the most valuable startups in the U.S., this drop puts shares at US$67.64 as of the end of the third quarter, Crosthwaite said in the memo. The company’s investors are expected to follow suit, he said; its biggest shareholder, Altria Group, reports earnings tomorrow; it currently values Juul at US$12 billion. Juul, which last month announced plans to cut its workforce by over half and is considering exiting the European and Asian markets, has faced pressure recently from regulators and courts. The U.S. Federal Trade Commission has alleged Altria’s investment was anti-competitive, and in February, 39 states started investigating Juul’s marketing practices.