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Khaby Lame's agreement with Rich Sparkle Holdings, valued at nearly $1 billion, boosted the company's market capitalization to $16.3 billion on January 15, 2025. Lame's stake was initially worth $6.6 billion but fell sharply within days, prompting experts to raise concerns.

Rich Sparkle Holdings (ANPA), based in Hong Kong, announced on January 9 that it was acquiring Lame's company, Step Distinctive Limited, for $975 million in stock. Following the announcement, Rich Sparkle's stock surged over 650% but later plummeted to $41, 77% below its peak.

Lame's net worth is now estimated around $3 billion, but due to limited share liquidity, Forbes suggests his wealth is based on financial fundamentals rather than stock price. Critics question the rapid business model shift and stock fluctuations, linking them to potential 'pump and dump' schemes associated with Chinese stocks. Step Distinctive Limited was registered in the British Virgin Islands on July 12, 2025, around the same time Rich Sparkle went public.