ByteDance agrees to sell Moonton Technology

Chinese technology giant ByteDance has agreed to sell its gaming studio, Shanghai Moonton Technology, to a Saudi Arabian firm. Moonton is known for developing the popular mobile game Mobile Legends: Bang Bang. The acquisition is being made by a gaming company owned by Saudi Arabia's Public Investment Fund (PIF). While financial details were not disclosed, the transaction is reportedly valued at over $6 billion, with previous reports suggesting a range between $6 billion and $7 billion.