Selena Gomez has her cosmetics company to thank for her billionaire status
according to Bloomberg News.The bulk of Gomez’s wealth is derived from her stake in Rare Beauty, the cosmetics company that she founded in 2020.The “Only Murders in the Building” star successfully leveraged her massive social media following, which numbers hundreds of millions of users on Instagram and TikTok, to sell beauty products like mascara, liquid blush and eye brightener.Earlier this year, it was reported that Gomez was exploring a possible sale of her company — which is thought of as an attractive target for mergers and acquisitions — at a $2 billion valuation.Gomez later told TIME magazine that she has no plans to sell the company.Rare Beauty has just two known investors — New Theory Ventures and CEO Scott Friedman, who led Nyx Cosmetics before it was sold to L’Oréal for $500 million in 2014.Bloomberg’s assessment of Gomez’s wealth assumes that she owns at least a 51% stake in Rare Beauty.The rest of Gomez’s wealth is derived from endorsements, concert touring, album sales, acting gigs, streaming royalties and real estate holdings, according to Bloomberg News.Gomez entered the public consciousness as a young child who got her start as part of the cast of “Barney & Friends.”She then got a starring role on the Disney Channel’s “Wizards of Waverly Place,” where she was a cast member from 2007 to 2012.But it was through her music career that Gomez gained fame — churning out hit songs first as the lead singer of the pop-rock band Selena Gomez & the Scene and then as a solo artist.Gomez has also continued her acting career with roles in films such as “A Rainy Day in New York” and “Spring Breakers.”In the process, Gomez has become a social media star — amassing 424 million followers on Instagram, third most behind