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Wondermind Faces Financial Crisis as Selena Gomez’s Startup Lays Off Majority of Staff

The mental fitness company co-founded by Gomez and her mother Mandy Teefey has laid off 60% of its workforce, missed payrolls, and struggles to resolve vendor debts.

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Selena Gomez has been slammed after a report emerged that her mental health startup hasn't paid its staff. Amy Sussman/Getty Images/AFP (Photo by Amy Sussman / GETTY IMAGES NORTH AMERICA / Getty Images via AFP)

Overview

  • Wondermind, co-founded by Selena Gomez, has laid off nine of its 15 employees following weeks of financial turmoil and missed payrolls.
  • The startup, which raised $5 million at a $100 million valuation in 2022, has been unable to secure new funding since attempting a Series B round in 2023.
  • A Wondermind spokesperson claims the financial crisis has been resolved and that all outstanding debts will be paid imminently.
  • Reports of CEO Mandy Teefey allegedly taking a loan against her home to cover debts remain disputed, with insiders providing conflicting accounts.
  • Selena Gomez, listed as Chief Innovation Officer, has reportedly invested additional funds to stabilize the company but remains minimally involved in daily operations.