Hugely popular TikTok star Khaby Lame has sold his company, Step Distinctive Limited, for an all-stock deal valued at $975 million, and the deal sees him authorize the development of an AI-powered "digital twin."
As reported by Business Insider Africa, the partial acquisition and strategic partnership deal with the company Rich Sparkle Holdings was announced last week. The agreement allows Rich Sparkle to hold exclusive rights to the Senegalese and Italian streamer's commercial activities for at least 36 months. That includes any endorsement, licensing, e-commerce, or brand partnership deals.
Rich Sparkle, of which Lame will become a controlling shareholder as part of the deal, estimated that the deal could generate over $4 billion in annual sales. Lame becomes not just an equity stakeholder through the deal, but a creative partner as well.
Lame, who has an estimated 360 million followers across various social media platforms, has also authorized the development of an AI-powered digital twin. A digital twin is a virtual replica of something real, whether it be a place, an object, or a person. To create it, Lame will enable Rich Sparkle to copy his facial features, voice patterns, and behavior. This will allow the company to create multilingual content, or even virtual livestreams with the streamer's digital doppelganger.
“This is not just an equity acquisition, but a revolution in the global content e-commerce model,” said Rich Sparkle in a statement about the deal.