Adam Bowen Net Worth
He graduated from Pomona College and then earned an MS from Stanford University where he studied product design. He co-founded the company with James Monsees. Adam and James met during smoke breaks while both were studying at Stanford in 2004. Altria purchased a 35% stake in Juul in December 2018 which increase his net worth. Juul was formed in 2015 and is headquartered in San Francisco, California. The company had a revenue of $2 billion in 2018 and also employs 1,500 people. The Juul e-cigarette packages nicotine salts from leaf tobacco into cartridges that have a one time use. It became the most popular e-cigarette in the U.S. but has been subject to multiple investigations by the U.S. Food and Drug Administration partly due to its high nicotine concentrations. In December 2019 the company was valued at $38 billion. Six months later, the company’s ongoing controversies caused the value to drop by more than half to $14 billion. After various funding rounds and selling a 35% stake to Altria, Adam and James now own less than 2% of the company a piece. During a July 2019 Congressional hearing, a California representative tore into Adam’s co-founder James Monsees. Representative Mark DeSaulnier told Monsees: “You, sir, are an example of the worst of the Bay Area. You don’t ask for permission, you ask for forgiveness. You’re nothing but a marketer of poison, and your target is young people.”