Why Is ‘How Is Selena Gomez a Billionaire?' Trending? Explained
A new trend regarding status as a billionaire seems to have popped up after the acclaimed singer's mom reportedly took out a loan against her home. As such, netizens have come out to question the Wizards of Waverly Place star's wealth in the wake of her mother's decision to seek financial help from an external source.
So, here's everything you need to know about why the singer is trending and why her mother chose to seek out a loan.
The 'Love On' singer's mom recently took out a loan of an undisclosed amount against her own home to help Wondermind, the billionaire artist's mental health startup, pay its 15 workers. Through Mandy Teefey's efforts, the startup has been able to compensate its employees for one out of two missed paychecks.
Nevertheless, the company has yet to clear its payments to freelancers and other vendors. While Wondermind owes 'tens of thousands' to the said parties, as per Forbes, the organization still has to pay an estimated $60,000 to a PR firm.
The outlet further reported that monetary issues with the startup began in January 2023 when Gomez's mother took charge of Wondermind as its sole CEO. Emails obtained by Forbes further highlighted the company's dire situation, with Teefey even informing her employees that their healthcare partners will be forfeiting their benefits, in one of the messages.
Due to Wondermind's precarious condition, combined with Mandy Teefy's recent decision to take out a loan, fans have asked questions about how Selena Gomez is a billionaire. The 'People You Know' singer made it to the elusive 10-digit club in September 2024, with a reported net worth of $1.3 billion.
According to Bloomberg, a majority of Gomez's wealth comes from her Rare Beauty makeup brand, which she launched in 2020. Meanwhile, her acting and singing ventures, real estate investments, and paid partnerships also add handsomely to her massive fortune.
Originally reported by Apoorv Rastogi on ComingSoon.net.
The post Why Is 'How Is Selena Gomez a Billionaire?' Trending? Explained appeared first on Mandatory.
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