American actress, singer and entrepreneur Selena Gomez is now a billionaire, according to Bloomberg, which values her net worth at $1.3 billion. Some of the wealth of the 32-year-old comes from singing, brand partnership and acting, but the “vast bulk” of her wealth is tied to her 5-year-old make-up company called Rare Beauty, the outlet said. Her brand’s success has made her one of the “youngest self-made” wealthy on the Bloomberg Billionaire Index, alongside the likes of Taylor Swift and Rihanna. 

According to Bloomberg, the ‘Only Murders in the Building’ star has also amassed wealth as the world’s third most-followed person on Instagram behind soccer icons Cristiano Ronaldo who boasts 639 million followers on the platform and Lionel Messi who has garnered 505 million Instagram followers. Ms Gomez herself has 424 million followers. 

Selena Gomez has a storybook career, beginning with ‘The Wizards of Waverly Place’ – a popular TV show on Disney Channel. She has a slew of other popular TV shows and film projects as well. She created a now-cancelled Max cooking show ‘Selena + Chef’ and stars alongside comedy icons Martin Short and Steve Martin on the hit show ‘Only Murders in the Building’. The 32-year-old has also brought in tens of millions of dollars from endorsement deals with the likes of Louis Vuitton, Coach and Puma, according to Bloomberg. 

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However, despite her on-screen success, those achievements count for a relatively small fraction of her wealth. The “vast bulk” of her wealth is tied to Rare Beauty, which she launched in 2020. The brand reportedly did net sales of $400 million in the 12 months to February. She also reportedly reached out to investors for Rare Beauty, seeking a $2 billion valuation. 

In 2020, Ms Gomes revealed that she was diagnosed with bipolar disorder and later said in an interview that any deal struck with her has to have an element that’s charitable or in the mental health space. She started the Rare Impact Fund to help raise $100 million to help people gain access to mental health services. 

Other revenue streams for the 32-year-old include income from her show ‘Only Murders in the Building,’ which was just renewed for a fifth season where she reportedly makes $6 million a season, and a smaller slice from her music royalties. 

From San Francisco to Istanbul, founders of online-delivery companies that exploded during the pandemic are watching their fortunes disappear.

The boom minted six known billionaires, four of whom have already lost that status, according to the Bloomberg Billionaires Index. The group, which includes the founders of Turkey’s Getir, Amsterdam’s Just Eat Takeaway.com NV and Silicon Valley’s Instacart and DoorDash Inc., has lost more than $15 billion in total.

Investors piled money into food and grocery delivery companies during the pandemic when consumers were stuck at home. Now that the world has opened up again and demand has softened, once-generous valuations for the cash-guzzling businesses have been slashed as the companies acknowledge the challenges ahead.

“The fact that high annual exceptional growth rates have been an exceptional phenomenon and cannot be maintained at the same level over years should have been clear from common sense alone,” Matthias Schu, a lecturer at the Lucerne School of Business, said in an interview.

Ahead of its initial public offering in September, Instacart listed the pandemic among its risk factors. In July, Just Eat Takeaway’s Jitse Groen said the business is still sensitive to Covid trends as a predictor of demand, with orders ticking up one quarter “due to the resurgence in Covid cases.” In August, DoorDash’s Tony Xu said there’s “a lot of problems there to solve” in the post-pandemic e-commerce environment.

Getir’s Nazim Salur, who built a $5 billion fortune during the pandemic, is the latest to lose billionaire status, according to analysis by Bloomberg and based on a Financial Times story that said Getir’s latest funding round slashes the company’s valuation by almost 80%.

Even as pandemic shutdowns eased in recent years and demand slowed, Getir looked to expand. After reporting a $529 million loss in 2021, the company – which appeals to customers with a 10-minute delivery time – spent $1.2 billion in 2022 to buy German competitor Gorillas Technologies.

Getir also expanded to the US and western Europe, only to retreat earlier this year from several countries in Europe. Salur said in a July staff meeting that the Turkish market is its only profitable unit. In August, the company said it would cut more than 10% of its global workforce, roughly 2,500 employees.

A spokesperson from Getir declined to comment.

Stock Drops

Instacart, which was valued by venture capitalists at as much as $39 billion in March 2021, began trading publicly on Sept. 19 at roughly a quarter of that valuation. The shares rose 12% in the first day of trading, giving co-founder Apoorva Mehta a $1.1 billion stake – down from a $3.5 billion fortune at its highest point.

Meanwhile, DoorDash’s Andy Fang lost his billionaire title while the other co-founders, Xu and Stanley Tang, are barely hanging on to that status. Shares in the food-delivery company have tumbled more than 60% since peaking in November 2021.

Another founder, Just Eat Takeaway’s Groen, was worth almost $2 billion in October 2020, but 85% of his fortune has vaporized as the company’s share price has plummeted.

Representatives for DoorDash and Just Eat Takeaway declined to comment on the calculation, while Instacart didn’t respond to requests for comment.

The same trend is playing out in emerging markets including India and China, despite looser regulations and cheaper operating costs. Indian startup Swiggy’s valuation was halved in May, while local competitor Dunzo is struggling to pay its staff and raise fresh funds. In China, US-listed operator Missfresh Ltd.’s market capitalization dropped below Nasdaq’s $5 million minimum requirement in July and he company is grappling to keep from being delisted.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)