Selena Gomez's mother, Mandy Teefey, reportedly resorted to taking out a loan against her home to bail out workers at the billionaire's mental health startup, Wondermind, amid financial woes. According to Forbes, which reported on Saturday, Teefey, who serves as the company's CEO, faced a dire situation in March when Wondermind allegedly struggled to meet its financial obligations to its approximately 15 employees, excluding vendors and freelancers.
Sources indicated that workers had only received compensation for one of their two missed paychecks, while freelancers and vendors were still awaiting payment amounting to "hundreds of thousands" of dollars. Anonymous employees further alleged that a PR firm was also owed around $60,000.
Wondermind, however, assured Forbes that the company had "rectified" the issue and promised to submit the remaining payments on Monday. Earlier in March, emails obtained by Forbes revealed that Teefey informed Wondermind staff that their healthcare benefits were being terminated due to financial constraints.
"We apologize for the email on a wellness day," the email read, according to Forbes. "As you are aware, we have been working tirelessly to secure our next round of funding." Employees were also advised to enroll in COBRA coverage, which provides temporary continuation of health insurance for individuals who lose their jobs or experience a reduction in working hours.
"Like many startups, Wondermind has been navigating its own growth challenges," the company stated. "In the coming days, we will embark on a new chapter for Wondermind, continuing our vital mission in mental fitness that benefits hundreds of thousands of people."
Sources claimed that the company's troubles began in January 2023, following Teefey's appointment as the sole CEO. Despite her years of managing her famous daughter's film and TV career, employees alleged that she lacked the expertise necessary to steer the business toward success.
Moreover, Teefey reportedly turned down multi-million dollar brand deals, including one with Airbnb, if the companies insisted on Gomez's involvement. However, these allegations were vehemently denied by Wondermind's chief of staff, Emma Wright, who described them as "insanely, grossly misleading." Wright praised Teefey's leadership abilities, stating that she leads with "pure grace."
"She has been singularly focused on safeguarding everyone's livelihoods and fostering the company's growth," Wright said of Teefey. Representatives for Wondermind and Gomez were not immediately available for comment to Page Six.
Founded in 2021, Wondermind raised $5 million in funding the following year, according to Forbes. Meanwhile, Gomez, who stars in the show "Only Murders in the Building," achieved billionaire status in September 2024 with a reported net worth of $1.3 billion. Bloomberg attributed the bulk of Gomez's financial success to her Rare Beauty makeup brand, which she established in February 2019 and launched the following year.
While 80% of Gomez's wealth stems from her cosmetics company, the outlet also acknowledged that her singing and acting careers, real estate investments, and paid partnerships contributed to her fortune. Gomez's investment in the Wondermind company was also credited as a factor in her financial success.
