Although there is more to it, Angry Bobby is a big reason the $750M deal fell through.

NetEase executives believed Bobby Kotick, Activision’s chief executive, had made unreasonable demands over the years, two of the people said. In 2018, NetEase announced a $100 million investment in Bungie, a game developer that worked with Activision to produce Destiny, a popular game. Mr. Kotick was unhappy with the investment because Bungie was behind schedule on developing Destiny content, and he worried the investment would further distract the company from its Destiny obligations, two other people said.
That year, NetEase invested in a game development company founded by a person who had until recently been a senior Activision employee, which also angered Activision, the people said. Mr. Kotick considered ending the partnership. A 2019 deal between Activision and NetEase included restrictions that prevented NetEase from hiring former Activision employees or investing in gaming studios directed by them.