It is a wildcard, this means it will select all elements within that portion of the DOM.
For example, if I want apply margin to every element on my entire page you can use:
* {
margin: 10px;
}
You can also use this within sub-selections, for example the following would add a margin to all elements within a paragraph tag:
p * {
margin: 10px;
}
Your example is doing some css trickery to apply consecutive borders and margins to elements to give them multiple coloured borders. For example, a white border surrounded by a black border.
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