It has been reported that Mandy Teefey, Selena Gomez’s mother and co-founder of mental health organization Wondermind, resorted to taking out a mortgage to cover staff salaries at the company due to a severe financial crunch they faced last year. Despite Selena being a billionaire with an estimated net worth of USD 1.3 billion through her business ventures like Rare Beauty, the firm encountered cash flow difficulties.
According to Forbes, Wondermind, founded by Teefey, began experiencing financial difficulties in March, leading to delayed payments for about 15 full-time employees (excluding freelancers and contractors). As the sole CEO of Wondermind since January 2023, Teefey personally implemented financial measures to address the shortfall.
It was clear that the challenges were present, attributing them to the common struggles experienced by startups during growth phases. The company assured that the overdue payments would be settled promptly, and emphasized its commitment to upholding its goal of promoting mental wellness.
According to the source, just like many young companies, Wondermind has been experiencing its share of growing challenges. However, they shared that soon, Wondermind will move into a fresh phase, carrying on with their significant work in promoting mental wellness, which positively impacts hundreds of thousands of individuals.
Although the initially late payment was eventually settled, another payment remains unpaid. It’s been reported that freelancers and suppliers are yet to receive around half a million dollars in total. Additionally, they allegedly owe a PR firm USD 60,000 too.
Through internal emails reviewed by Forbes, it was revealed that Gomez’s mother communicated to staff members about the termination of their health benefits, which was a result of financial constraints. The employees were advised to consider COBRA coverage, an option typically offered for individuals who experience job loss or reduced work hours and consequently lose their health insurance.
I’m sorry for reaching out on our designated wellness day. Just wanted to let you know that we’ve been putting in extra effort to lock down our upcoming funding round.
It is being speculated that problems within the company might have become more pronounced after Teefey assumed full control. Although she has a wealth of experience in managing her daughter’s entertainment career, employees question whether she possesses the necessary business skills for thriving in a startup environment. Additionally, whispers have arisen suggesting that Teefey declined lucrative brand partnerships, such as one with Airbnb worth millions, allegedly because of terms related to the singer’s involvement.
However, Emma Wright, Chief of Staff at Wondermind, stood up for Shonda Rhimes’ leadership, dismissing rumors about failed business transactions as highly deceptive, and praising her dedication to the welfare of employees.
At this point, neither Selena Gomez, Mandy Teefey, or the team from Wondermind has spoken out about the matter publicly.
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2025-05-12 13:23