Short answers, pulled from the story.
Balrog is a fictional character in Capcom's Street Fighter series, a disgraced boxer and antagonist who works for M. Bison's organization, Shadaloo. He first appeared in Street Fighter II: The World Warrior in 1991.
In Japan, Balrog is named M. Bison, with the M standing for Mike, a reference to real-life boxer Mike Tyson. Capcom's developers renamed him and two other Shadaloo bosses for the English localization, fearing that naming the boxer character Mike Bison could be a legal liability.
Balrog became playable starting with Street Fighter II: Champion Edition, after debuting as a non-playable opponent in Street Fighter II: The World Warrior in 1991.
Grand L. Bush played Balrog in the 1994 live-action film Street Fighter, and Michael Clarke Duncan took over the role in the 2009 film Street Fighter: The Legend of Chun-Li. Rapper and actor 50 Cent is set to play Balrog in an upcoming reboot.
Mike Tyson said he was unaware of Balrog until learning about the character's similarities to him in 2019, decades after Balrog's debut. He said he felt honored by the impersonation.
Balrog placed 18th out of 85 characters in Capcom's own popularity poll for Street Fighter's 15th anniversary. IGN ranked him 15th in their 2008 list of top Street Fighter characters.