Selena Gomez’s mental health startup, Wondermind, is currently facing serious financial challenges after failing to pay its employees and vendors since March 2023. The company, which is focused on mental wellness and publishes articles, interviews, and podcasts, has been hit hard by cash flow issues, leading to confusion and concern among its staff and partners.
Financial Strain on Wondermind: How Selena Gomez’s Startup is Struggling
Founded in 2021 by Selena Gomez, her mother Mandy Teefey, and Daniella Pierson (CEO of The Newsette), Wondermind was created to help individuals improve their mental fitness. However, despite the startup’s noble mission, it has reportedly been struggling to stay afloat financially.
As revealed by Forbes, Selena’s mother, Mandy Teefey, took out a personal loan against her home to help pay off the company’s debts, including overdue payments to employees. While some employees have reportedly been paid for one missing paycheck, others are still waiting on outstanding payments.
In addition, Wondermind is facing significant debts to vendors and freelancers. Reports indicate that the company owes tens of thousands—potentially hundreds of thousands—of dollars, with one PR firm claiming a $60,000 debt.
Wondermind’s Response to Financial Crisis
Wondermind has responded to the crisis, with a spokesperson stating that the situation has been addressed and that all outstanding payments will be made by May 12, 2023. The spokesperson also explained that, like many startups, Wondermind is navigating growing pains.
“We are transitioning into a new chapter for Wondermind,” the statement read, “and we remain committed to our mission of promoting mental fitness, which continues to support hundreds of thousands of individuals.”
Challenges for Selena Gomez’s Mental Health Initiative
Despite Selena Gomez being listed as the Chief Impact Officer of Wondermind, sources reveal that she has not been actively involved in the company’s operations. The financial challenges reportedly began after co-CEO Daniella Pierson left the company in early 2023, leaving Mandy Teefey to take full control.
Employees have expressed frustration, with some revealing that the company’s financial troubles started after Pierson’s departure. One worker noted that they felt Selena’s lack of involvement has contributed to the growing issues, even though her name still carries weight in the mental health space.
The Future of Wondermind and Its Commitment to Mental Health
While Wondermind is currently dealing with financial setbacks, the company’s mission to help people with mental health issues remains a priority. In the coming weeks, the startup plans to transition into a new phase, with hopes of resolving its financial issues and continuing its important work in the mental wellness space.
Founded to raise awareness and provide valuable resources to those struggling with mental health, Wondermind’s journey has not been without its challenges. However, with a renewed focus and financial stability, the company aims to continue making a positive impact on mental fitness for its audience.
