BYD Vows To Retain $700K Reward Program For Tipsters Exposing Smear Campaigns Against Warren Buffett-Backed EV Titan
Portfolio Pulse from Benzinga Neuro
BYD Co Ltd (OTC:BYDDF) has made its reward program for exposing smear campaigns a permanent policy, offering up to 5 million yuan ($700,918) for information leading to the identification of such activities. Initially a one-year measure started in late 2021, the program aims to protect the company's reputation by combating false information and has been extended indefinitely without a stated reason. BYD, supported by Warren Buffett, has previously taken legal action against defamation, including a lawsuit against an auto blogger in July 2023.
December 04, 2023 | 7:10 am
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BYD Co Ltd has institutionalized its reward program to combat smear campaigns, offering up to $700K for tips. This move reflects the company's commitment to protecting its brand and may positively influence investor perception.
The extension of BYD's reward program demonstrates the company's proactive approach to safeguarding its reputation, which is crucial for maintaining investor trust and customer loyalty. This could lead to positive investor sentiment in the short term, as it shows BYD's dedication to transparency and corporate responsibility. However, the lack of explanation for the extension and the absence of immediate financial impact from this news tempers the potential impact on the stock price.
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