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Is Selena Gomez’s Mom In 60,000 USD Debt to PR Firm? Here's What We Know About Loan Accusations For Mental Health Start-Up
Selena Gomez’s mom, Mandy Teefey, gets embroiled in loan speculations over a debt for the singer's mental health start-up.
Mandy Teefey, mother of billionaire and pop singer Selena Gomez, allegedly took out a home loan to pay staff at a mental health firm, Wondermind, which she co-founded with her daughter. Even though the Rare Beauty founder's net worth is valued at an estimated USD 1.3 billion, the firm last year had a critical cash crisis.
Forbes reported that Teefey's Wondermind started feeling the financial pinch in March, unable to meet pay for its approximately 15 employees, not including freelancers and contractors. Teefey, who has been Wondermind's lone CEO since January 2023, had to take private monetary steps to plug the gap.
Wondermind recognized the difficulties, blaming the situation on typical startup "growing pains." The firm said that outstanding payments would be made shortly and reiterated its dedication to continuing its mission of encouraging mental fitness.
"Like many startups, Wondermind has been working through its own set of growing pains,” the source revealed to Forbes, adding that "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."
While that one delayed paycheck was eventually funded, a second still has not been paid. Freelancers and vendors are said to still be owed several hundred thousand dollars. They reportedly owe USD 60,000 to a PR firm as well.
In internal e-mails seen by Forbes, Gomez's mother explained to employees about the cancellation of their health benefits due to a funding shortage. Employees were asked to think about COBRA coverage, normally provided for those who lose their health coverage upon job loss or decreased work schedules.
"We apologize for the email on a wellness day. As you are aware, we have been working tirelessly to secure our next round of funding," the email read.
Insiders indicate the company's issues may have intensified after Teefey took complete control. As much as she has extensive experience in taking care of her daughter's entertainment life, employees wondered if she had the business acumen required for a startup culture. Rumors also emerged that Teefey turned down high-paying brand deals, including one with Airbnb worth multimillions, reportedly due to terms involving the singer's participation.
But Wondermind chief of staff Emma Wright came to the defense of Teefey's leadership, calling reports of spurned deals "grossly misleading" and hailing her commitment to employee well-being.
Neither Selena Gomez nor Mandy Teefey nor Wondermind's representatives have publicly commented on the subject yet.
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