Juul employees Adam Bowen and James Monsees are no longer billionaires, according to Forbes estimates.
The majority of the couple's respective net worths are related to their 1.75% stake in the e-cigarette manufacturer, reported Forbes & Sergey Klebnikov. One of the company's biggest investors, the hedge fund Darsana Capital Partners, reportedly cut the company's valuation by more than a third on October 3, and also cut Bowen and Monsee's net worth. The couple first became billionaires in December 2018.
Juul did not immediately respond to Business Insider's request for comment on Bowen and Monsee & # 39; s net worth or their billionaire status.
Read more : The precarious path to e-cigar startup Juul: From Silicon Valley darling to $ 38 billion jailed during criminal investigation
Juul is now worth $ 24 billion , down from the $ 38 billion valuation the company hit following an investment by tobacco manufacturer Altria in December 201
The couple founded Juul after meeting on smoking cessation while studying product design at Stanford University in 2004, Business Insider previously reported. Ploom, a precursor to Juul, was launched in 2007 and first launched Juul products in 2015. The company's Juul line was spun to a separate company in 2017.
Juul has faced a wide public concern for its youth-focused marketing and the long Long-term health effects of the products among a growing number of vaping-related illnesses and deaths. The Trump administration is currently investigating a ban on flavored weapons products, The Wall Street Journal reported. Such products account for nearly 80% of Juul's sales in the United States, according to The Journal. The e-cigarette manufacturer is also reportedly under criminal investigation by the U.S. Attorney's Office for the Northern District of California.
Juul CEO Kevin Burnes resigned on September 25. Juul also said it would stop American advertising and some lobbying. In addition, the company is preparing to scale down its employees, The Wall Street Journal reported on September 24.