Selena Gomez‘s billionaire status is being questioned amid reports of her mother Mandy Teefy’s mental health foundation, Wondermind, being under a cash crunch. Following a recent investigation, Forbes has dethroned the actor-singer from the 10-figure bracket. The business magazine giant estimated Gomez’s net worth at $700 million. The latest report came after Forbes revealed over the weekend that Wondermind had failed to pay its employees in recent weeks.
Selena Gomez’s estimated net worth is $700 million amid reported Wondermind cash crunch
According to Forbes‘ latest investigation, Selena Gomez’s estimated net worth is $700 million. The magazine countered the Rare Beauty founder’s billionaire status after reporting on financial issues at Wondermind. Over the weekend, Forbes revealed in a report that Wondermind failed to meet payroll in March and April. The mental health startup was cofounded by Gomez, her mom Mandy Teefey, and newsletter entrepreneur Daniella Pierson, who left in 2023.
Following that, Forbes learned from a source that Wondermind laid off nine people of its 15-person staff. The move came after a Wondermind spokesperson told the outlet on Saturday that the company had “rectified” the situation. They also assured the startup would clear all outstanding debts on Monday.
The spokesperson told Forbes, “In the coming days we will be transitioning into a new chapter for Wondermind.” The statement had also noted that the company was experiencing “growing pains” similar to “many startups.”
This led to 60% of the staff getting laid off on Monday. According to the Forbes source, the employees were told they would be paid on May 12 and also receive two weeks of severance. Meanwhile, the spokesperson claimed that Wondermind’s layoffs were not a result of their employees previously revealing the company’s financial crisis to Forbes.
The reports also prompted searches about Gomez’s billionaire status amid the swirling rumors about the financial crisis. In September last year, Bloomberg reported the 32-year-old’s huge milestone when she crossed the 10-figure mark. According to the outlet’s Billionaires Index, Gomez’s stands at $1.3 billion. Bloomberg also noted that a huge percentage of the businesswoman’s fortune comes from her beauty brand.
However, Forbes has now estimated Selena Gomez’s wealth status falls short of the billionaire mark.
