Latest news with #MandyTeefey
Daily Mail
14-05-2025
- Business
- Daily Mail
Selena Gomez brushes off financial crisis claims at Disney event after her billionaire status was debunked
Selena Gomez looked glamorous while attending a Disney event on Tuesday, hours after Forbes debunked her billionaire status. The actress, 32, wowed in a chic black dress at the 2025 Disney Upfront presentation at Javits Center in New York City. Her floor-length gown showed off her toned arms and featured a slit on the side. The star wore her dark tresses slicked into a bun. She was joined by her Only Murders in the Building co-stars Martin Short, 75, and Steve Martin, 79. Earlier on Tuesday, Forbes refuted her billionaire status, amid reports that her health startup Wondermind is in financial crisis, having allegedly missed multiple payments to associates. Though in 2024, Bloomberg reported Gomez' net worth to be $1.3 billion, Forbes now puts it at roughly $700 million. On Monday, a source confirmed that nine Wondermind employees were laid off with two weeks' severance, leaving only four employees. Forbes reported that the startup, founded by Gomez in 2021 with her mother Mandy Teefey and former partner Daniella Pierson, owed tens of thousands in outstanding debts, which the company claims have since been settled. Selena's mom told employees that she'd personally taken out a loan against her own home to support the struggling startup. It's not clear how much of her own funds Gomez has contributed to Wondermind. has reached out to Teefey, Wondermind and reps for Gomez for further comment on the Forbes report. Despite her high net worth, which places the former Disney star among the wealthiest self-made women entrepreneurs, the breakdown of her fortune may explain her limitations to heavily invest in Wondermind. Selena's most significant asset is her estimated 51% ownership in her makeup line, Rare Beauty. Rare Beauty generated $367 million in revenue in 2023, according to a California state filing. Forbes estimates the company's value at around $1.3 billion. Selena's mom told employees that she'd personally taken out a loan against her own home to support the struggling startup Beyond Rare Beauty, Gomez has reportedly earned an estimated $90 million gross from her various ventures, including TV shows, music, endorsements, and tours. That $90 million in gross earnings includes a reported $30 million from her 2017 Puma collaboration and an estimated $24 million for her role as star and executive producer of Hulu's Emmy-winning comedy series Only Murders in the Building. She also had a significant part in the Oscar-nominated film Emilia Pérez, earning a Golden Globe nomination for best supporting actress, and executive produced the Netflix hit series 13 Reasons Why. She purchased a $5 million home in Encino in 2020, and recently bought a $35 million Beverly Hills mansion with fiancé Benny Blanco. Gomez started her career at 10, playing Gianna on 'Barney and Friends' from 2002 to 2004. Her breakthrough came in 2007 with the lead role of Alex Russo in Disney Channel's 'Wizards of Waverly Place.' She then transitioned to music, releasing her first album in 2008 and six more since, the latest a collaboration with Blanco in March. Wondermind, launched in 2021, and secured $5 million at a $100 million valuation in a Series A funding round. Despite the initial success, the company has faced challenges in subsequent funding. A former employee revealed Teefey stated that she and Gomez had personally contributed $8 million by mid-2023. Gomez 'is not involved in the day-to-day operations' at Wondermind. She 'has invested millions of dollars over the years into [the company] to support her mother and their shared passion for mental health,' a source told People. Still, Forbes reported that Wondermind owes freelancers and vendors a reported 'tens of thousands (if not hundreds of thousands) of dollars.' A rep for the organization acknowledged to Forbes Saturday that the company had been dealing with 'growing pains,' the situation was subsequently 'rectified,' and changes have been made to ensure business will go on as usual - and that everyone gets paid on time moving forward. 'In the coming days we will be transitioning into a new chapter for Wondermind,' said the rep, 'and continuing our important work in mental fitness that helps hundreds of thousands of people.'
Forbes
13-05-2025
- Business
- Forbes
Here's How Much Selena Gomez-Actress, Singer, Entrepreneur-Is Worth
Over the weekend, Forbes published a report about financial issues at Wondermind, a mental health startup cofounded by actress and business mogul Selena Gomez, which failed to pay its employees, freelancers and vendors in recent weeks. Then on Monday, a source with knowledge of the situation confirmed that nine employees were laid off and given two weeks severance, leaving just four remaining. Forbes' reporting revealed that the startup, which Gomez founded in 2021 with her mom Mandy Teefey and newsletter entrepreneur Daniella Pierson (who left in 2023), owed tens of thousands of dollars – if not more – in outstanding debts, which the company says it has since repaid. In a recorded conversation shared with Forbes, Teefey, who is also Wondermind's CEO, told employees that she'd taken out a loan against her own home to keep the struggling startup afloat. Not surprisingly, the news of trouble at Wondermind set off a heated debate online: How much can Gomez really be worth, if a startup she cofounded can't pay its workers or its bills? In September 2024, Bloomberg reported Gomez' net worth to be $1.3 billion thanks to her makeup line, Rare Beauty, which was founded in 2019 and launched in 2020. Multiple media outlets have since called the 32-year-old Gomez a billionaire as well. Based on Forbes' reporting, Gomez is very wealthy, but estimated to be worth roughly $700 million. This figure still ranks the former Disney Star among the wealthiest self-made women entrepreneurs in the country – and one of the richest celebrities – but the breakdown of her fortune helps explain why she may be somewhat limited in how much money she can or is willing to sink into Wondermind. Gomez's biggest asset is her estimated 51% stake in Rare Beauty. The only other known investors in Rare Beauty are private equity firm New Theory Ventures, founded by Nikki Eslami, and Rare Beauty's CEO, Scott Friedman. CEO of the company since its founding, Friedman previously led fellow self-made woman list member Toni Ko's NYX Cosmetics until 2017, when he helped her sell it to L'Oréal for $500 million. A 2021 filing with the city of Southaven, Mississippi, lists Gomez's holding companies, Eslami and Friedman as partners in Rare Beauty LLC. It also names Julius Salerno, cofounder of Eslami's former hair extensions company Bellami, though it is unclear whether he holds a stake. (Eslami and Friedman didn't reply to requests for comment; Salerno couldn't be reached for comment.) The cosmetics firm sells its offerings exclusively at Sephora and through the Rare Beauty website. It became a hit in large part due to the popularity of its liquid blushes. In a California state filing, Rare Beauty reported $367 million in revenue in 2023, the most recent year for which the information is available. Overall, Forbes values the company at about $1.3 billion based on feedback from beauty industry analysts, who recommended competitive multiples to take into account the company's growth in 2024 but did note that valuations have fallen in recent months. 'The market condition right now is exerting a sort of downward pressure on valuation,' notes Morningstar analyst Dan Su. 'And honestly, makeup is a category in my view, where the entry barrier is relatively low. So there's a lot of competition.' Outside of Rare Beauty, Gomez has reaped an estimated $90 million in gross earnings over the years from her TV shows, music, brand endorsements and tours. That includes a reported $30 million she got from her 2017 collaboration with Puma and an estimated $24 million for her earnings from Hulu's Emmy-winning comedy series 'Only Murders in the Building,' which she executive produces and stars in, alongside Steve Martin and Martin Short. She also had a prominent role in the Oscar-nominated film 'Emilia Pérez,' for which she was nominated for a Golden Globe for best supporting actress in a motion picture. And she executive produced the controversial hit Netflix series '13 Reasons Why.' Rare Beauty's most popular product is its "Soft Pinch" blush. © 2023 Bloomberg Finance LP In 2020, Gomez paid nearly $5 million for her home in Encino, where she filmed the first three seasons of her cooking show, 'Selena + Chef.' Most recently, she bought a $35 million Beverly Hills property with fiancé and music producer Benny Blanco. Representatives for Gomez declined to comment on Forbes' breakdown of her net worth. Gomez, now 32, began her career at age 10 when she was cast to play Gianna on the series 'Barney and Friends' from 2002 to 2004. Her big break came three years later, in 2007, when she landed the lead role as Alex Russo in Disney Channel's 'Wizards of Waverly Place.' Like many former Disney stars, Gomez pivoted to music. She released her first album in 2008 and has released six more since then. Her most recent is a collaboration with Blanco, dropped in March. Still, Gomez, who hasn't done a music tour since 2016, has not pulled in as much cash as some other wealthy entertainers–such as Taylor Swift and Beyoncé–who have pocketed hundreds of millions of dollars over the years, specifically from touring, according to Forbes' estimates. It's unclear how much of her own money Gomez has put into Wondermind over the years. In 2022, a year after its launch, the company raised $5 million at a $100 million valuation in a Series A funding round led by Serena Williams' Serena Ventures, with participation from the family office of real estate billionaire Barry Sternlicht. (Sequoia Capital and Lightspeed Ventures were also listed in PitchBook and other media reports as investors, but on Monday both firms told Forbes that was not accurate). Wondermind has struggled to secure additional outside funding in the years since. According to one former employee, who spoke on the condition of anonymity, Teefey told this person that she and Gomez had put $8 million of their own money into the company, as of mid-2023. More recently Teefey told employees that the company was close to closing a Series B funding round, but that has not come through. It all came to a head on March 31, when employees did not get their paycheck and received an email saying that their health benefits had been terminated two weeks earlier. The company missed payroll again on April 30, and at a May 8 staff meeting, Teefey said she had taken out a loan against her home to help cover debts. All of that led to the layoffs on Monday, which a spokesperson for Wondermind said had 'nothing to do with' multiple employees speaking to Forbes previously about the company's financial struggles. Meanwhile Gomez, who some employees say was barely involved with the mental health startup, is keeping up with her own busy schedule. She has been filming the fifth season of 'Only Murders in the Building' in New York City and focusing on Rare Beauty. On May 2, Gomez, who has 420 million Instagram followers, posted that she surprised attendees after showing up at Rare Beauty's Mental Health Summit held in Los Angeles. While she's still very much involved in the makeup company, industry experts predict its success will go beyond Gomez's celebrity power. Says Ashleigh Barker, head of beauty and personal care at investment banking advisory firm Lincoln International: 'The fact that it's not the Selena Gomez beauty brand, that it's Rare Beauty and stands for something that very much aligns with Selena and her narrative and messaging to her followers, but also extends well beyond her as an individual… That the brand can stand on its own two feet without her at the helm, I think is what helps create the staying power.' As for Gomez, there is no doubt after 22 years in the business and success in so many areas, including a huge, loyal fan base, that she likely has other chapters ahead.
Daily Mail
12-05-2025
- Business
- Daily Mail
'Billionaire' Selena Gomez's startup in financial crisis and missed payroll for employees TWICE
Selena Gomez's mental health startup Wondermind is reportedly in financial crisis, having reportedly missed multiple payments to associates over the past seven weeks. Despite the 32-year-old A-lister's reported billionaire status, Wondermind associates such as 'employees, vendors and freelancers' have not been paid since late March, Forbes reported Saturday. Selena's mother and Wondermind CEO Mandy Teefey, 49, told workers this past Thursday that she has taken loans out against her personal home to keep the startup funded amid tough times, sources told the financial publication. Teefey, who has more than 251,000 followers on her Instagram page, was able to make good on partial monies owed with the cash infusion from the home loan, according to the outlet. But a source told People Sunday that Teefey didn't actually take out a loan to make payroll, adding that Gomez herself 'immediately invested more money' into the company upon learning it was having money troubles. has reached out to Teefey, Wondermind and reps for Gomez for further comment on the Forbes report. Gomez - who heads the successful Rare Beauty makeup brand - 'is not involved in the day-to-day operations' at Wondermind. Gomez 'has invested millions of dollars over the years into [the company] to support her mother and their shared passion for mental health,' the source told People. Still, Forbes reported that Wondermind owes freelancers and vendors a reported 'tens of thousands (if not hundreds of thousands) of dollars.' The Dallas-born businesswoman, who had the pop superstar when she was 16 with ex-husband Ricardo Joel Gomez, runs the company, which has around 15 employees, out of Los Angeles. A rep for the organization acknowledged to Forbes Saturday that the company had been dealing with 'growing pains,' the situation was subsequently 'rectified,' and changes have been made to ensure business will go on as usual - and that everyone gets paid on time moving forward. 'In the coming days we will be transitioning into a new chapter for Wondermind,' said the rep, 'and continuing our important work in mental fitness that helps hundreds of thousands of people.' In a statement titled ' Our Commitment To Mental Fitness ' on its page, the company stresses people take daily measures to make sure they are staying mentally healthy and sharp. 'Mental fitness means working on your mental health— - whatever that looks like to you,' the company said. 'It takes more than an inspirational quote to really change your mindset. 'But showing up for your mental health shouldn't be expensive, inaccessible, or time consuming. The statement continued: 'Even if you're lucky enough to see a therapist, making time for your mind in between sessions can go a long way. That's what we're here for—to give you easy, doable ways to put your mental fitness first every day.' Wondermind subsequently said it provides a platform for practice; the necessary tools; and platforms for important conversations. Despite the business setback, Gomez appears to be thriving in her personal life as she and her music producer fiancé Benny Blanco have been dating for almost a year-and-a-half. They were initially reported together in December of 2023, and got engaged one year later. In March, the Only Murders In The Building star released her album I Said I Love You First, which she worked on with her beau, saying in a Hot Ones appearance that there was a natural chemistry in collaborating with Blanco. Blanco, a 37-year-old native of Reston, Virginia, has been involved in the industry for more than 15 years as a musical artist, producer, and songwriter. He's collaborated with a bevy of big name artists such as Gomez's ex Justin Bieber, Rihanna, Lizzo, Britney Spears, Katy Perry, SZA, Ed Sheeran and Keith Urban, according to Harper's Bazaar. Blanco established himself earlier in his career working for Dr. Luke's Kasz Money Productions. He has been a songwriter on a number of hit tracks, including Rihanna's Diamonds, Maroon 5's Moves Like Jagger, Spears' Circus, and Ke$ha's TiK ToK, among others. As a solo artist, he released his first album Friends Keep Secrets in December of 2018. The record, which topped out at 41 on the Billboard 200, included contributions from Bieber, Halsey, Calvin Harris, Omar Apollo and Gracie Abrams. He has had six singles hit the Billboard Hot 100 over the last five years, including 2018's Eastside (with Halsey & Khalid); as well as 2019's Roses (with the late Juice WRLD and Brendon Urie) and I Can't Get Enough (with Gomez, Tainy and J Balvin). In recent years, he's charted with the 2020 tracks Lonely (with Bieber) and Real S*** (with Juice WRLD) and 2022's Bad Decisions (with BTS & Snoop Dogg). Blanco was past rumored to be in a romance with Elsie Hewitt, a 27-year-old model-actress from London. Gomez has past been in high-profile relationships with stars such as Bieber, The Weeknd, Zedd, Nick Jonas, and Taylor Lautner.
Forbes
12-05-2025
- Business
- Forbes
Selena Gomez' Struggling Mental Health Startup Lays Off Nearly Two-Thirds Of Its Employees
Selena Gomez and her mom Mandy Teefey discussed Wondermind during a panel at the South by Southwest Conference in March 2024, in Austin, Texas. Wondermind, the mental health startup cofounded by singer and entrepreneur Selena Gomez, laid off nine people, or 60% of its 15-person staff on Monday afternoon, according to a source with knowledge of the situation. This comes two days after Forbes broke the news about financial problems at the four-year-old startup, which was founded by Gomez, her mom Mandy Teefey and newsletter entrepreneur Daniella Pierson, who left in 2023. The company, which focuses on promoting mental 'fitness' through articles, podcasts and interviews, was inspired by the founders' respective mental health struggles; Gomez revealed she was diagnosed with bipolar disorder in 2020. A number of Wondermind employees had told Forbes that the company failed to pay them in recent weeks, and also owed tens of thousands of dollars to freelancers and vendors. In one recording of an all-hands meeting obtained by Forbes, Teefey, who is Wondermind's CEO, told employees that she'd taken out a loan against her home to keep the company afloat. A Wondermind spokesperson told Forbes on Saturday that the company had 'rectified' the situation and would pay back all outstanding debts on Monday. 'In the coming days we will be transitioning into a new chapter for Wondermind,' the spokesperson said. Then on Monday, all but four of Wondermind's employees were called into one-on-one meetings in which they were told they were laid off, according to the one source who spoke on the condition of anonymity. This person says that they employees were told they would be paid through Monday, May 12 and then would receive two weeks of severance. Employees also received a missing paycheck from April 30 on Monday, May 12, but are awaiting repayment on health insurance premiums the company had previously paid, but that employees had to front in the last month. A spokesperson for Wondermind said the company has 'no comment' on the layoffs and pointed Forbes to the statement it sent over on Saturday, which said Wondermind was experiencing 'growing pains' 'like many startups.' The spokesperson said that the layoffs had 'nothing to do with' multiple employees speaking to Forbes previously about the company's financial struggles. Teefey's chief of staff told Forbes, also on Saturday, that her boss 'has been singularly focused on keeping everyone's livelihoods intact and keeping the company growing.' A representative for Gomez did not immediately respond to a request for comment from Forbes. Wondermind's cash crunch first surfaced on March 31 when employees didn't receive a paycheck for the first time. Later that same day, Teefey sent an email to the staff with the subject line 'Important Update,' informing them that their healthcare provider Sequoia (not to be confused with the venture capital firm) had terminated employees' benefits including health, dental and vision insurance two weeks prior on March 15, according to a copy of the email reviewed by Forbes. Teefey blamed a delay in investor money and claimed the company was on the verge of closing its Series B round but that never seemed to happen. The company had raised $5 million from a group of high profile outside investors that reportedly included Serena Williams' VC firm, Lightspeed Ventures and the family office of real estate billionaire Barry Sternlicht in 2022, in a funding round that apparently valued Wondermind at $100 million. A representative for Sequoia Capital, which Pitchbook reports to have also invested in Wondermind, says the VC firm is not an investor. Forbes reached out Wondermind's other VC investors on Friday for comment but as of Monday evening had not heard back from any of the firms. According to one former employee, Wondermind had been trying to raise a Series B round of financing since 2023 but had not been able to secure any new funding. This person, who spoke on the condition of anonymity, said that as of mid-2023, Teefey told them that she and Gomez had put $8 million of their own money into the company. After missing yet another payment to employees on April 30, Teefey announced at an all-hands meeting on May 8 that she'd taken out a loan against her home to pay back the company's debts. Two Wondermind employees told Forbes that the company owed a lot of money to vendors, including $60,000 to a PR firm the company had worked with. Selena Gomez, who Forbes estimates is worth $700 million thanks primarily to her stake in her cosmetics startup Rare Beauty, is listed on Wondermind's website as its 'Chief Innovation Officer' but according to a current employee is not engaged with running the day-to-day business, as Forbes previously reported. 'We have to fight with her agent to get her to do anything for us, and she rarely does,' this person said, noting that Gomez met with the staff only once in three years. A Wondermind spokesperson insists this is 'absolutely not true.' What is true is that the 32-year-old actress has been juggling a busy schedule. She has appeared in 40 episodes of 'Only Murders In The Building' between 2021 and 2024; she starred in the movie 'Emilia Pérez,' for which she was nominated for a Golden Globe as best supporting actress this year; and she recently got engaged to Benny Blanco, with whom she just produced her seventh album.
News.com.au
12-05-2025
- Business
- News.com.au
Billionaire Selena Gomez's mum took out a loan against her home to pay employees at singer's company
Selena Gomez's mum, Mandy Teefey, reportedly took out a loan against her home to help pay workers employed at the billionaire's mental health start-up, Wondermind. Teefey, the company's CEO, found herself in a crisis when the business allegedly started running out of funds to pay its estimated 15 employees, not including vendors and freelancers, in March, Forbes reported over the weekend. According to the outlet, workers have been compensated for one out of two missed paychecks, and freelancers and vendors are still waiting to be paid 'hundreds of thousands.' Around $US60,000 ($94,000) is also owed to a PR firm, anonymous employees alleged. Wondermind told Forbes that the company has 'rectified' the issue, and the rest of the payments will be submitted on Monday. In March, emails observed by Forbes revealed that Teefy notified Wondermind staff that their health care company was terminating employee health benefits. 'We apologise for the email on a wellness day,' the email read, per Forbes. 'As you are aware, we have been working tirelessly to secure our next round of funding.' Employees were also informed in the email that they would have to elect into COBRA coverage, which allows people who lost their jobs or had a reduction in hours to temporarily continue their health plans. 'Like many start-ups, Wondermind has been working through its own set of growing pains,' they said in a statement. 'In the coming days, we will be transitioning into a new chapter for Wondermind, and continuing our important work in mental fitness that helps hundreds of thousands of people.' Sources told the outlet that the company's issues allegedly started in January 2023 when Teefey, 49, was appointed as the sole CEO. Despite Teefey having reportedly managed her famous daughter's film and TV career for years, the employees claimed she didn't have the insight to help the business succeed. Teefey has also allegedly turned down multimillion-dollar brand deals, including one with Airbnb, if the companies suggested that Gomez, 32, be involved. Allegations about brand deals, however, were slammed by Wondermind's chief of staff, Emma Wright, as 'insanely, grossly misleading.' Wright also praised Teefey's leadership skills, saying she '[leads] with just pure grace.' 'She has been singularly focused on keeping everyone's livelihoods intact and keeping the company growing,' the businesswoman said. Reps for Wondermind and Gomez weren't immediately available to Page Six for comment. Wondermind was founded in 2021 and raised $US5 million ($7.8 million) in funding the following year, per Forbes. The Only Murders in the Building star, meanwhile, reached billionaire status in September 2024 with a reported net worth of $US1.3 billion ($2 billion). Bloomberg credited the bulk of Gomez's financial success to her Rare Beauty makeup brand, which she established in February 2019 and launched the next year. While 80 per cent of Gomez's wealth stems from her cosmetics company, the outlet also recognised that her singing and acting careers, real estate investments and paid partnerships contributed to her wealth. The former Disney star's Wondermind company investment was also credited.
