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Mandy Teefey, who is Selena Gomez’s mom and co-founder of the mental health company Wondermind, reportedly took out a personal home loan to help pay the staff when the company hit a money crunch. Even though Selena Gomez, who started the related Rare Beauty brand, is worth about $1.3 billion, Wondermind faced serious cash flow problems last year.
Forbes reported that starting in March, Wondermind struggled to pay its roughly 15 employees, not counting freelancers and contractors. Mandy, who’s been the CEO since January 2023, had to step in with private funds to cover some salaries.
The company called this situation typical “startup growing pains” and promised to pay what’s owed soon. They also stressed their commitment to promoting mental fitness, which is their core mission.
While one delayed paycheck eventually got paid, a second one hasn’t been fully covered yet. Freelancers and vendors are still waiting on hundreds of thousands of dollars, including $60,000 owed to a PR firm.
In emails leaked to Forbes, Mandy informed staff that health benefits had to be canceled due to funding issues and suggested employees look into COBRA coverage, which helps cover health insurance after losing a job or benefits.
Some insiders think the problems worsened after Mandy took full control, as questions arose about whether her experience managing Selena’s entertainment career translated well to running a startup. There were also rumors she turned down big brand deals, including a multi-million dollar offer from Airbnb, reportedly because they wanted Selena more involved.
However, Emma Wright, Wondermind’s chief of staff, defended Mandy, calling the reports misleading and praising her dedication to the team’s welfare.
So far, neither Selena, Mandy, nor Wondermind have made any public statements about the situation.