After Billion Dollar Funding Round Juul Paying Christmas Bonus $2 billion
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After Company’s Billion Dollar Funding Round, Juul’s 1500+ Employees Could Get Million Dollar Bonuses this Christmas

After Billion Dollar Funding Round Juul Paying Christmas Bonus $2 billion

After a prolonged fight against the underage usage of its products, Juul Labs struck a deal with Altria Group. The Altria Group are the owners of Philip Morris USA and makers of Marlboro cigarettes. The deal imputed a valuation of $38 billion for Juul Labs, and the group invested $12.8 billion for a 35% stake in the start-up.

Here’s what Juul Labs CEO Kevin Burns said in a statement:

“We understand the controversy and skepticism that comes with an affiliation and partnership with the largest tobacco company in the US. We were skeptical as well. But over the course of the last several months we were convinced by actions, not words, that in fact this partnership could help accelerate our success switching adult smokers. We understand the doubt. We doubted as well.”

If this was an early Christmas for the start-up, the Christmas just got a whole lot merrier!

According to a report from CNBC, $2 billion of Juul’s recent $12.8 billion fundraising will be put towards paying employee bonuses. With around 1,500 employees at Juul sharing the $2 billion, each employee on average could receive approximately $1.3 million, CNBC reports.

CNBC cited people familiar with the matter, stating that bonus amounts will depend on many factors, including how long employees have been at Juul and how many stock options they have been granted. Juul did not immediately respond to Business Insider’s request to explain exactly how the payouts will work, and has not yet confirmed or denied the statements made in the report.

At present, Juul Labs’ valuation is higher than that of many tech giants such as Airbnb, Pinterest and Lyft.

Megha Shah
Megha Shah
A dreamer, traveler, aspiring entrepreneur and a bookworm beyond repair, Megha Shah is extremely fond of writing and has been doing so since she was a child. Apart from being a part-time writer, Megha is currently in college, pursuing B. Com. (Hons). Megha is an ardent follower of ‘Hardship, Hustle and Heart’ and firmly believes in the power of hard work and destiny!
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