- Juul will put $2 billion of its recent $12.8 billion funding round raised from the tobacco giant Altria toward employee bonuses, according to a report from CNBC.
- With about 1,500 employees at Juul, that means each employee on average could receive a $1.3 million bonus.
- Bonus amounts will depend on many factors, including how long employees have been at Juul and how many stock options they’ve been granted, according to the report.
- Altria’s investment puts Juul’s valuation at $38 billion.
On Thursday, the Silicon Valley e-cigarette startup Juul got a whole lot richer, and, apparently, so did its employees.
According to a report from CNBC, $2 billion of the $12.8 billion that Juul recently raised from tobacco giant Altria will go toward employee bonuses. With about 1,500 employees at Juul splitting the $2 billion, that means each employee on average could receive $1.3 million, CNBC reports.
Not a bad holiday bonus.
A person familiar with the matter tells Business Insider that the payouts, which have already begun, will vary in amount based on many factors, including how long employees have been at Juul and how many stock options they’ve been granted.
In November, Axios reported Juul employees were upset over rumors that their company was in talks with Altria, America’s largest cigarette producer and parent company to Marlboro. Some employees likened it to making a “deal with the devil,” according to the report.
The $12.8 billion investment from Altria gives it a 35% stake in the San Francisco-based e-cig maker.
The investment also puts Juul’s valuation at $38 billion, which is more than the valuations of the tech darlings Airbnb, Pinterest, and Lyft.