In what should have been a moment of pure triumph, Hailey Bieber found herself on the edge of the most significant business deal of her life—only to stop everything with a question that sent shockwaves through the room.

Moments before the ink dried on the $1 billion acquisition of her skincare brand, Rhode, by e.l.f. Beauty, the supermodel and entrepreneur leaned in close to her legal team and asked, “Did he approve the NDA? Because if not, I’m not signing.”

The room froze.

The deal, which had been months in the making, was a landmark not just for Hailey but for the beauty industry at large. Rhode, launched in 2022 with just ten products, had quickly skyrocketed to prominence. By March 31, 2025, the brand had hit $212 million in net sales and was ranked the No. 1 skincare brand in Earned Media Value for 2024, boasting a staggering 367% year-over-year growth. A billion-dollar valuation felt inevitable.

But no one expected this kind of drama at the final moment.

Sources close to the deal say the atmosphere at the L.A. signing event had been electric—champagne on ice, cameras prepped, stylists waiting for the post-announcement photo-op. Hailey, dressed in a minimal cream silk pantsuit and sporting her signature “glazed” skin, appeared radiant and composed—until that final pause.

“Her team had reviewed everything,” a source in the room revealed. “Everyone was under the impression that all terms were settled. But apparently, there was one clause tied to a non-disclosure agreement involving a high-profile party—and that name was never publicly disclosed.”

Who that party is remains unclear. But speculation swirled almost instantly. Was it Justin?

Whispers began to circulate that the NDA in question had to do with Hailey’s husband, pop icon Justin Bieber, and a possible business entanglement or prior discussion with a competing cosmetics brand. According to two insiders, Justin had “concerns” about Rhode’s global expansion under a parent company and wanted final review of certain deal language.

Others aren’t so sure.

One theory—now catching fire on social media—suggests the NDA was meant to block any potential leaks tied to a rumored falling out between Hailey and another A-list beauty mogul. A former e.l.f. Beauty consultant told us anonymously, “There was tension with someone Hailey was close to in the influencer space. They wanted to make sure whatever happened between them didn’t become a PR nightmare during the acquisition.”

Still, others believe the NDA centered on internal documents tied to Rhode’s early investor discussions, some of which allegedly touched on Hailey’s personal life—specifically, how her marriage played into the brand’s visibility and positioning.

Whatever the truth may be, it’s clear that Hailey wasn’t bluffing. “She said it in a low voice,” the source added, “but everyone heard it. That room went dead silent.”

Within minutes, her legal team huddled, a flurry of last-minute phone calls was made, and someone was seen stepping outside with a heavily redacted folder.

Twenty minutes later, Hailey emerged from the backroom conference area. The pen was back in her hand. The documents were signed.

And just like that, she became the face of one of the most valuable celebrity beauty brand acquisitions in history.

But even as the cameras started flashing and the press release hit the wires, observers couldn’t stop talking about that pause. That question. That final-second moment of doubt that hinted at a much bigger story still lingering beneath the surface.

Fans on X were quick to weigh in.

“Something tells me Hailey didn’t just build a skincare brand. She built a fortress. And she’s guarding something inside it.”
— @beautybreakdown

“$1 billion deal with a mystery NDA? What the hell is going on behind Rhode’s doors?”
— @celebritytea

Hailey has remained tight-lipped since the signing. In a brief statement released through her rep, she said only, “I’m proud of what we’ve built with Rhode. This next chapter is about expanding our vision—and protecting the integrity of our work and our people.”

One thing is clear: Hailey Bieber may be best known for her luminous skin, but when it comes to business, she’s not afraid to go dark—if it means keeping control.

As for what’s inside that NDA, or who exactly it was meant to silence?

The world may never know.

But judging by the way Hailey handled that moment—just before a billion dollars changed hands—one thing is certain: she knows exactly what she’s doing.