Briefing

Juul Labs to lay off up to 40 per cent of its workforce

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Between 800 and 950 employees will be let go in what the San Francisco-based e-cigarette company called part of its “ongoing reset” unrelated to the COVID-19 pandemic. The layoffs come months after the company slashed 650 jobs as it grappled with declining market share and increased regulatory scrutiny. (Bloomberg, The Wall Street Journal)

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Talking point: Once the stuff of Silicon Valley dreams, Juul has been a particularly wretched investment for Altria Group. The tobacco giant has twice written down its US$12.8-billion investment in the company, valuing its 35 per cent stake at US$4.2 billion in January.