Summary:
Mandy Teefey took out a home loan to pay Wondermind employees during a financial crunch
Employees received one of two missed paychecks; freelancers await hundreds of thousands in payments
Wondermind claims the payroll issue is resolved, with remaining payments due soon
Financial struggles began after Teefey became sole CEO in January 2023
Selena Gomez's billionaire status is largely due to her Rare Beauty brand, with Wondermind as a contributor
Mandy Teefey, CEO of Wondermind and mother to billionaire Selena Gomez, took a bold step to ensure her employees were paid by securing a loan against her home. This move came as the mental health startup faced financial difficulties in March, struggling to meet payroll for its 15 employees, alongside vendors and freelancers.
According to Forbes, while employees have received one of two missed paychecks, freelancers and vendors are still awaiting payments totaling hundreds of thousands of dollars. An additional $60,000 is owed to a PR firm, as reported by anonymous sources.
Wondermind has stated that the issue has been rectified, with remaining payments scheduled for the following Monday. The company emphasized its commitment to overcoming startup growing pains and continuing its mission in mental fitness.
The financial challenges reportedly began in January 2023 when Teefey became the sole CEO. Despite her experience managing Gomez's entertainment career, some employees questioned her ability to steer the business to success. Allegations surfaced about Teefey declining lucrative brand deals that required Gomez's involvement, though these claims were dismissed as misleading by Wondermind's chief of staff, Emma Wright.
Founded in 2021, Wondermind raised $5 million in funding the following year. Meanwhile, Selena Gomez achieved billionaire status in September 2024, largely due to her Rare Beauty makeup brand, with her stake in Wondermind also contributing to her wealth.
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