December 9, 2019 / 5:39 PM / a month ago

Tiger Global cuts Juul's valuation by half to $19 billion: WSJ

FILE PHOTO: Juul brand vape cartridges are pictured for sale at a shop in Atlanta, Georgia, U.S., September 26, 2019. Picture taken September 26, 2019. REUTERS/Elijah Nouvelage

(Reuters) - Private equity firm Tiger Global Management has cut its valuation of e-cigaratte maker Juul Labs Inc by half to $19 billion, the Wall Street Journal reported on Monday.

The writedown of Juul, in which Altria Group Inc (MO.N) has a 35% stake, came at the end of September, the Journal reported, citing people familiar with the matter.

Altria took a $4.5 billion hit from its investment in Juul in October, with its valuation shrinking by more than a third to roughly $24 billion.

Both Tiger Global and Juul were not immediately available for comment.

Reporting by Praveen Paramasivam in Bengaluru; Editing by Maju Samuel

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