U.S.-Iran Diplomacy Helps Drive Gasoline Prices Down 15% From May Highs 
Nissan Halts Electric Qashqai Development Amid EV Market Challenges 
Samsung Electronics Stock Surges on Report of Massive $59 Billion Share Buyback Plan 
Trip.com Shares Tumble After Q1 Profit Drops and Weak Revenue Growth Outlook 
Fortescue Faces Class Action Over Sexual Harassment Claims at Australian Mining Sites 
Micron Stock Surges on Strong AI Demand, Record Revenue, and Bullish Q4 Forecast 
Heineken Names JDE Peet’s CEO Rafael Oliveira as New Chief Executive 
Oil Prices Drop as Middle East Supply Recovery Eases Market Concerns 
Singapore Inflation Stays Muted in May as Core CPI Misses Forecasts Ahead of MAS Review 
Doncasters Raises $919 Million in NYSE IPO as Aerospace Growth Accelerates 
Australia Inflation Cools in May, But Core CPI Keeps RBA Rate Hike Risks Alive 
Meta Reportedly Developing ‘Arena’ Prediction Market App to Rival Polymarket and Kalshi 
Wall Street Slides as AI Stocks Tumble Following South Korea Tech Sell-Off 
SK Hynix Targets $29.4 Billion Nasdaq Listing to Expand AI Chip Business 
Pelosi Discloses Major Intel and Uber Call Option Purchases Worth Up to $6 Million 
Japan Manufacturing Growth Accelerates in June as Orders Surge Despite Iran War Cost Pressures 
Nexon Co., the South Korean video game company, reached a deal with Saudi Arabia's Public Investment Fund (PIF) for the purchase of a five percent stake. The sovereign wealth fund invested $883 million for the stake acquisition.
According to Korea Joongang Daily, with its five percent stake ownership in Nexon, the PIF has become the fourth-largest shareholder of the company. The sovereign wealth fund is said to be headed by the country's Crown Prince Mohammed bin Salman.
The stake acquisition was recently revealed through regulatory filing late last week. While it was only reported a few days ago, the purchase was said to have actually taken place last month - from Jan. 25 to 27. As posted in the filing, the Saudi Arabian PIF entered into a deal with Nexon for "pure investment" purposes.
Nexon has been getting investments from companies, but this is the first time that it has Nexon has received a substantial investment coming from a fund in the Middle East. Aside from the deal with said sovereign wealth fund, the gaming firm also recently obtained a $400 million investment from a film production company called AGBO that was co-founded by Marvel's "Avengers" film directors, Joe and Anthony Russo.
Nexon is known for some hit games, including role-playing games (RPG) such as "V4," which stands for "Victory For," "The Kingdom of the Wind: Yeon," and "Kart Rider." After the news of Saudi's PIF's acquisition of a stake in Nexon has been released, its stock reportedly increased 3.3 percent.
The Korea Economic Daily reported that since Saudi's sovereign wealth now owns a share in Nexon, it is expected to support the gaming company's global network expansion.
It was further revealed that the PIF is actually putting its money through investments in several major gaming firms worldwide. In fact, aside from Nexon C., it has also recently announced its purchase of a 5.1% share in Capcom Co., a Japanese game developer.
Finally, the sovereign wealth fund also owns a 4.9% stake in Activision Blizzard Inc., which is known for its hit title fame, "World of Warcraft," "Call of Duty," "Crash Bandicoot," "Overwatch," and "Starcraft." And these are not all, as the PIF also bought a 2.6% stake in Electronic Arts video game company and 3.5% shares in Take Two Interactive Software Inc.
