(BBC NEWS) A major investor in leading e-cigarette-maker Juul has seen its stake in the company drop by more than two-thirds.
Tobacco giant Altria Group has blamed the $8.5bn (£6.5bn) fall in value on rising legal and regulatory threats.
Having paid $12.8bn for a 35% stake in Juul in 2018, it revealed a $4.1bn write-down to investors on Thursday.
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Altria chief Howard Willard said he was "highly disappointed" with the lower valuation.