Hailey Bieber sells Rhode for $1billion in shocking deal

Hailey Bieber has officially sold her beauty line in a billion-dollar deal.

According to a recent press release of the cosmetic brand, the 28-year-old beauty mogul sold her Rhode Skin company to e.l.f. Beauty for $1 billion.

Hailey shared that the decision was made in hopes of "bringing rhode to more spaces, places, and faces globally."

The deal includes $800 million in cash and stock given to Rhode’s owners—CEO Nick Vlahos, Hailey Bieber, and cofounders Lauren Ratner and Michael D. Ratner—when the deal is finalized. There’s also a chance for them to earn an extra $200 million over the next three years, depending on how much the brand grows, according to the press release.

However, Hailey will keep her position of Chief Creative Officer and Head of Innovation at Rhode, as well as serve as a strategic advisor for e.l.f.

Taking to her Instagram account the model shared her thoughts on her big move saying, "I always had big dreams for the company, and the most important thing to me is to keep bringing rhode to more spaces, places, and faces globally.

"So, today I am so incredibly excited and proud to announce that we are partnering with e.l.f. Beauty as we step into this next chapter in the world of rhode," she announced.

She further noted that "building Rhode was one of the greatest experiences of her life."