TikTok star Khaby Lame’s $975M merger deal with Rich Sparkle Holdings is in limbo as brokerages restrict trading in the stock

Major brokerages including Interactive Brokers, ETrade, Merrill Lynch, Fidelity, Charles Schwab, and Vanguard have restricted or blocked trading in Rich Sparkle Holdings, the shell company that TikTok influencer Khaby Lame announced a $975M merger deal with in January, as the stock has plunged more than 90% from its post-announcement high. Rich Sparkle called the deal “completed” in a January press release but its most recent SEC filing from March 31 still described it as contingent on unmet conditions, with a January filing stating the deal would be void if those conditions weren't satisfied by February 28. Lame, who has 160 million TikTok followers and has worked with brands including Hugo Boss, Airbnb, and Visa, has removed Rich Sparkle's stock ticker from his social media profiles and has not commented on the deal since January.