Claims that a popular toy collectible was actually inspired by a demon from ancient folklore circulated online in July 2025.

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Today’s Forbes Daily covers a new Labubu collaboration, Meta on trial, crypto bills and broadcasting funding cuts move forward, Trump floats Coca-Cola change and more.

One theory is that collecting the figurines is a contemporary manifestation of the lipstick effect, when people indulge in little luxuries in times of hardship.