Selena Gomez turns billionaire after successful beauty brand – Bloomberg reports

Selena Gomez is now Officially included in the group of billionaires. The actor, singer, and businesswoman, 32, is reportedly worth $1.3 billion, according to Bloomberg, making her a billionaire now. She now ranks among the nation’s youngest self-made billionaires. Despite the fact that Gomez has amassed a sizable fortune from her singing, acting, and brand endorsements, Bloomberg notes that the majority of her money, or about $1.1 billion, originates from her popular beauty line Rare Beauty. Rare, which debuted in 2020, was an immediate success; in 2022, its well-liked blush product alone is estimated to have generated $70 million in sales.

The “estimated value” by Bloomberg of Gomez’s interest in the mental health platform Wondermind, in addition to her earnings from acting, music, real estate, and partnerships that she promotes on social media—she has 424 million Instagram followers—all contribute to her wealth. Selena Gomez is not as popular on Instagram as football legends Lionel Messi (504 million) and Cristiano Ronaldo (638 million) with 424 million followers each.

Because of her enormous fame, she was able to secure lucrative endorsement deals with Coach (worth $10 million) and Puma (worth an estimated $30 million). According to reports, Selena Gomez is reportedly looking for a $2 billion valuation for Rare Beauty and has contacted investors. The former child star also receives money from her Hulu series “Only Murders in the Building,” which was just extended for a fifth season and brings her $6 million annually, as reported by Bloomberg, as well as a smaller portion from her song royalties.

SOURCE: https://dew360.net

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