|Legal Name:||Juul Labs, Inc.|
|Headquarters Regions:||San Francisco, California, United States|
|Founders:||James Monsees, Adam Bowen|
|Number of Employees:||2000+|
|Area served:||United States of America|
|Products of Company:||electronic cigarette company|
|Net Worth in 2023:||$25 billion|
Juul Labs, Inc. (branded as JUUL Labs) is a renowned electronic cigarette corporation based in the United States that Pax Labs established in 2017. The Juul electronic cigarette manufacturer atomizes nicotine salts from the leaf tobacco supplied by single-use cartridges.
Adam Bowen, as well as James Monsees, co-founded Juul Labs. The company’s headquarters are in San Francisco. On December 20, 2018, Altria Group (previously Philip Morris Companies) paid $12.8 billion for a 35 percent stake in Juul Labs. Juul was given a $2 billion bonus to share with its 1,500 workers.
Juul became the most prominent e-cigarette in the United States of America by completing 2017 after a massive social media campaign, with a market share of 72 percent as of September 2018. Its extensive usage by teenagers has raised public health concerns and prompted several inquiries by the US Food and Drug Administration (FAA). Juul’s market share had dropped to 42% by July 2020. Since Juul contains very large nicotine levels, the nicotine-related health risks of its usage by teenagers could be more serious than those of other e-cigarette items.
Well, how well do you know about Juul? If not much, we have compiled all you need to know about Juul’s net worth in 2023, wiki and complete details. Well, if you’re all set, here is what we know about Juul to date.
Adam Bowen and James Monsees, two ex-cigarette smokers, met while researching product design at the Stanford University in the year 2005 and developed the Ploom e-cigarette and the Pax vaporizer kit for cannabis as well as loose-leaf tobacco before founding Juul. By the year 2007, they had formed a company of the same name. The business sold Ploom in the year 2015, rebranded as Pax Labs, and launched Juul in 2016. On May 22, 2015, Juul Labs, Inc. was created. Pax Labs released the Juul electronic cigarette in 2015 June.
Juul Labs spunned out of the PAX Labs as an autonomous entity in July 2017. Tyler Goldman, the previous CEO of PAX Labs, announced as the new Chief Executive Officer of Juul. Kevin Burns took over for Goldman in December 2017. At Juul, co-founder James Monsees served as Chief Product Officer as well as a member of the board of directors. At Juul, co-founder Adam Bowen served as Chief Technology Officer (CTO) and a member of the board of directors. Nicholas Pritzker, whose family owns chewing tobacco giant Conwood, Riaz Valani, as well as Hoyoung Huh are among the other board members.
At the completion of 2018, the business had grown from 200 workers in September 2017 to about 1,500. The Juul e-cigarette is built in Shenzhen, China, and the pods are produced in the United States as of July 2018. “Vape juice” is another term for pods.
Juul received $650 million in July 2018, valuing the company at $15 billion. In December 2018, Altria, which is one of the world’s biggest tobacco companies, paid $12.8 billion for a 35 percent stake in Juul. Juul Labs was priced at $38 billion in the transaction, according to Wells Fargo. Juul’s total turnover was around $2 billion at the period. In 2019, Juul paid about $400 million for a house in San Francisco.
Martha Coakley, the ex-Massachusetts Attorney General, joined Juul in April 2018, serving in the government affairs office to organize advocacy for the commodity and still speaking out against underage use. The legality of Coakley’s work with Juul, a pioneer in the electronic cigarette business suspected of selling toxic nicotine drugs to teenagers, has been brought into doubt as a former attorney general advocating attorneys general for the vape industry.
The US House of Representatives opened an inquiry into the firm on June 13, 2019, looking into the company’s corporate dealings with Altria, social media and promotional policies, and correspondence. Raja Krishnamoorthi, Illinois Representative, who serves as the Chairman of the Oversight Subcommittee that deals with Economic and Consumer Policy, led the probe. “Juul seems to violate FDA rules against allowing unapproved express and indirect statements that its substance helps consumers quit consuming tobacco and is better than cigarettes,” the subcommittee concluded.
On 25 September 2019, it was claimed that Kevin Burns was going to step down as Chief Executive Officer and that KC Crosthwaite, Altria’s Chief Growth Officer, would succeed him. Juul announced in October 2019 that it was going to lay off nearly 500 employees by the end of that year. Senior Vice President in charge of the Advanced Technology David Foster, Chief Financial Officer (CFO) Tim Danaher, Chief Administrative Officer (CAO) Ashley Gould, Chief Marketing Officer (CMO) Craig Brommers, and Chief Financial Officer (CFO) Tim Danaher all left the business in October 2019. On October 31, 2019, Altria reported that it was actually writing down $4.5 billion of its investment in Juul by disclosing the pre-tax charge in its third-quarter earnings. Juul reduced its value to about $10 billion in October 2020.
Awards and achievements
By the close of 2018, Juul Labs had become a household name, but when the FDA investigated the firm, they discovered that it was making misleading statements regarding its product. After all of this, the firm sees significant losses, and its stock has plummeted to one-third of its previous level. Juul Labs’ product has a great style, but it has yet to win any awards for the product or business job.
Net Worth & Earnings of Juul in 2023
As of 2023, Juul’s net worth is projected to be $25 billion, down from $38 billion before the firm was acquired by tobacco giant Altria in 2018. For about ten months, Altria’s $13 billion expenditure rendered co-founders Bowen and Monsees billionaires, but their net wealth has now gone down.
Juul Labs received funding from several wealthy individuals around the world when it first launched. It was also common with teenagers, who preferred the Juul Labs e-cigarette. But, when the FDA investigated the business, it was discovered that their drugs had significantly more nicotine. The business will improve in the future and regain its former popularity.