Selena Gomez in trouble? Billionaire's mother Mandy Teefey takes loan against her home to pay…
Mandy Teefey, Selena Gomez's mother, reportedly borrowed a loan against her house to pay employees of Wondermind, the billionaire singer's mental health firm.
Mandy Teefey, Selena Gomez's mother, reportedly borrowed a loan against her house in a bid to pay employees of Wondermind, the billionaire singer's mental health firm.
When the company reportedly began to run out of money to pay its estimated 15 staff members, excluding freelancers and vendors, in March, Teefey, the CEO, was put in a difficult situation, Forbes reported on Saturday.
As per the outlet, employees have received compensation for one out of two missed payments, while vendors and freelancers are still awaiting payment of “hundreds of thousands.”
Anonymous employees also claimed that a PR business owed them almost $60,000.
The remaining payments will be made on Monday, Wondermind informed Forbes, adding that the company had “rectified” the issue at hand.
Selena Gomez's Wondermind faces problems
Teefy informed Wondermind employees that their health care provider would stop offering employee health insurance in March, according to emails obtained by Forbes.
“We apologize for the email on a wellness day,” she stated in an email to employees, per Forbes. “As you are aware, we have been working tirelessly to secure our next round of funding.”
In the email, she further told workers that they would need to choose to enroll in COBRA coverage, which enables individuals who lost their jobs or had their hours reduced to temporarily maintain their health plans.
“Like many startups, Wondermind has been working through its own set of growing pains,” the firm said in a statement.
“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.”
Selena Gomez's mother appointed as Wondermind CEO in 2023
According to those who spoke to Forbes, Teefey, 49, was named the company's sole CEO in January 2023, which led to the start of problems within the firm.
The staff said Teefey lacked the wisdom to assist the company thrive, despite the fact she had apparently overseen her well-known daughter's film and television careers for years.
Wondermind was established in 2021 and raised $5 million in investment the following year.
Notably, Gomez achieved the billionaire status in September 2024, with an estimated net worth of $1.3 billion.
