Selena Gomez turns billionaire after successful beauty brand – Bloomberg reports

Selena Gomez has officially been added to the ranks of billionaires.

The 32-year-old actor, singer, and entrepreneur is now a billionaire, according to Bloomberg, which estimates her net worth is $1.3 billion.

This makes her one of the youngest self-made billionaires in the United States.

Though Gomez’s career is multifaceted and has earned substantial wealth from her singing, acting, and brand partnerships, Bloomberg reports that the lion’s share of her wealth — roughly $1.1 billion comes from Rare Beauty, her successful makeup brand.

Launched in 2020, Rare was a smash hit — its popular blush product alone is said to have brought in $70 million in revenue in 2022.

Gomez’s wealth is based on Bloomberg’s “estimated value” of her stake in the beauty brand, plus her interest in the mental health platform Wondermind and various other earnings from her music, acting, properties and money she makes from partnerships that she posts about on social media, which includes her 424 million followers on Instagram.

With 424 million followers, Gomez is behind football icons Cristiano Ronaldo (638 million) and Lionel Messi (504 million) as the most popular person on Instagram.

This massive popularity helped her rake in massive endorsements with Puma, worth a reported $30million and Coach, q $10million deal.

Reports suggest that Gomez has reached out to investors for Rare Beauty, seeking a $2billion valuation.

Other revenue streams for the former child star include income from her Hulu show “Only Murders in the Building,” which was just renewed for a fifth season where she makes $6 million a season, according to Bloomberg, and a smaller slice from her music royalties.

The post Selena Gomez turns billionaire after successful beauty brand – Bloomberg reports first appeared on 3News.

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