Webull Shares Slide on Report of Congressional Panel's Concerns on Company's China Ties — Update

By Kelly Cloonan

Shares of Webull declined after CNBC reported that a bipartisan congressional committee found the digital investment platform's ties to China's government pose a national-security threat to U.S. finance.

The stock slid 20% to $5.86 on Wednesday. Shares are down 25% year to date.

The bipartisan House Select Committee on China found a gap between how Webull markets itself as an American company versus how it is actually controlled, CNBC said, citing a report from the committee set for release Wednesday.

The report found that Webull's structure, technical workforce, technology and financing are tied in structural ways to China, CNBC said.

A spokesperson for Webull said the committee's report is inaccurate. The company conducts its U.S. business from its global headquarters in St. Petersburg, Fla. and its office in New York City, and U.S. customer data is stored in the U.S. and access to sensitive customer data is controlled by the U.S., the spokesperson said.

"Webull has made every effort to cooperate with the Committee, but did not hear from them for more than 20 months before this report was released," the spokesperson said, adding, "We remain prepared to address any questions directly and with the same transparency we bring to the SEC, FINRA, and regulators worldwide."

Write to Kelly Cloonan at kelly.cloonan@wsj.com

(END) Dow Jones Newswires

October 07, 2026 13:09 ET (17:09 GMT)