Webull shares plunge following U.S. House report on China ties

Webull national security China ties digital brokerage data privacy

Webull Corporation shares fell significantly, dropping between 18% and 20% in a single session, following a report from the bipartisan U.S. House Select Committee on China. The committee concluded that the digital brokerage platform maintains structural ties to the Chinese government through its ownership architecture, technical workforce, technology infrastructure, and data routing systems.

Lawmakers expressed concern that these connections pose a national security risk to the U.S. financial system, particularly regarding the exposure of American investor data and billions of dollars in customer assets. The report noted that approximately 62% of Webull's global workforce is located in China and highlighted that the company's software development and core engineering depend on infrastructure subject to Chinese law.

Webull has rejected these findings, calling the report inaccurate and based on unsupported conclusions. The company maintains that it is a U.S.-based firm with headquarters in Florida and offices in New York, asserting that U.S. customer data is stored and controlled domestically. Additionally, a class action lawsuit has been filed by Robbins LLP, alleging that Webull falsely marketed itself as a U.S.-based company to investors.

Entities

Anthony Michael Denier · China · Fumi Technology · House Select Committee on China · Hunan Weibu · John Moolenaar · St. Petersburg, Florida · U.S. House Select Committee on China · Webull · Webull Corporation

Claims

What the coverage asserts, and how many sources carry each claim.

[● 3 SOURCES] The committee found that approximately 62% of Webull's global workforce is located in China. www.fool.com · coinpaper.com · finance.technews.tw
[○ 1 SOURCE] A class action lawsuit has been filed against Webull alleging the company falsely marketed itself as a U.S.-based firm. www.ciocoverage.com
[● 3 SOURCES] Webull maintains that its U.S. customer data is stored and controlled within the United States. coinpaper.com · finance.technews.tw
[● 4 SOURCES] Webull oversees approximately $24.6 billion in customer assets. coinpaper.com · www.fool.com · www.abcmoney.co.uk
[● 6 SOURCES] Webull shares fell between 18% and 20% following the release of the congressional report. www.fool.com · coinpaper.com · www.abcmoney.co.uk · www.breitbart.com · nypost.com
[● 5 SOURCES] The committee characterized Webull's connections as a national security threat to the U.S. financial system. coinpaper.com · finance.technews.tw · www.breitbart.com · nypost.com
[● 9 SOURCES] The House Select Committee on China reported that Webull maintains structural ties to the Chinese government regarding ownership, technology, and data handling. www.ciocoverage.com · www.fool.com · coinpaper.com · finance.technews.tw · www.marketbeat.com · +3 more
[● 5 SOURCES] Webull disputed the report, stating it contained significant inaccuracies and unsupported conclusions. coinpaper.com · finance.technews.tw · www.marketbeat.com · www.abcmoney.co.uk