J&J loses $45bn m-cap in a day on report of asbestos in baby powder
Johnson & Johnson's lost $45 billion in market value in Friday's trading after a Reuters report said the company knew for decades that asbestos was present in its baby powder. J&J in a statement called the report "one-sided, false, and inflammatory" adding its talc does not cause cancer. However, Reuters said the article was based entirely on J&J's internal documents.