Is Selena Gomez really a billionaire? New report says maybe not amid rumours that her mental health start-up fired 9 employees
According to the publication, while Selena is definitely wealthy, she may not have hit the billion-dollar mark after all.
New report suggests Gomez isn't quite a billionaire
While Selena Gomez remains one of the wealthiest and most influential women in entertainment, Forbes now estimates her net worth at closer to $700 million, not the previously reported $1.3 billion. The discrepancy largely concerns how assets are valued, particularly her ownership stake in the beauty brand, Rare Beauty.
Gomez reportedly holds a 51% stake in Rare Beauty, which had a blockbuster year in 2023, bringing in $367 million in revenue thanks to its cult-favorite products like the Soft Pinch liquid blush. Based on industry multiples and growth trends, analysts say the company's valuation at around $1.3 billion. However, because the beauty market is crowded and less stable right now, Forbes used a more cautious estimate for Gomez's net worth.
Rare Beauty is by far Gomez's biggest financial asset. Outside the cosmetics industry, she has earned an estimated $90 million from music, acting, and significant brand deals, but far less than peers, including best friend Taylor Swift, who rakes in hundreds of millions from stadium tours and global franchises.
Despite the recalculated figure by the publication, Gomez, the most-followed woman on Instagram with 420M followers, remains among the top self-made women in entertainment, and her Rare Beauty brand continues to expand globally.
Is Selena Gomez's mental health start-up struggling?
While Rare Beauty keeps flying off Sephora shelves, Selena's other venture, Wondermind, a mental health startup she launched with her mom, Mandy Teefey and former partner Daniella Pierson, isn't exactly thriving, the Forbes report claimed.
According to the report, the startup hasn't been paying its employees, freelancers, or vendors. In fact, nine team members were recently laid off after the company missed paychecks in both March and April. This comes after an earlier report that suggested Selena's mom took out a loan against her own house to keep things going.
As per an employee who spoke to the publication on the condition of anonymity, it all came crashing down on March 31, when Wondermind employees didn't get their paycheck and instead received an email saying their health benefits had actually been cancelled two weeks earlier. Then came April 30, and employees were still not paid.
By May 8, things had gotten so bad that Mandy Teefey told staff she had taken out a loan against her home to help keep the company afloat. The final blow came on Monday, when nine employees were laid off.
The employee also told the publication that the Disney alum hasn't really been involved much in the company. She's been busy filming season five of Only Murders in the Building and making surprise appearances at Rare Beauty's Mental Health Summit.
Fans have thoughts—of course
After Forbes dropped the report, Selena's loyal fanbase came rushing to her defence. 'Mind you, multiple sources confirmed Selena Gomez is a billionaire, including FORBES themselves,' one fan clapped back online.
mind you, multiple sources confirmed that Selena Gomez is a billionaire, including FORBES themselves. https://t.co/2TN6SevOeC pic.twitter.com/YQeA5DVIew
🚨 Currently, Forbes website is behaving suspiciously strangely regarding Selena Gomez's status.Recall that the outlet reported that Gomez is a multimillionaire in its article from October of last year. pic.twitter.com/dIyPtR0sFH
Despite the ongoing frenzy surrounding the report, Selena Gomez has remained completely silent.
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