Altria made the investment to counteract slowing tobacco sales, while Juul looked to Altria as an ally to help it navigate increased regulatory scrutiny. Neither of those strategies appear to have worked out. Altria has written down the value of its investment in Juul by more than $11 billion, to $1.7 billion. Altria, which gets about 90 percent of its revenue from smokable products, saw revenue fall slightly last year. Its stock is down more than 40 percent over the past five years, and 20 percent just in the past month.