Webull sinks after US House panel reportedly flags China ties
BULL•Webull shares fell 19.5% to $5.86 after a report said a House panel found the trading platform was tied to China’s government. Webull called the findings inaccurate and unsupported, and a Siebert Financial analyst suspended his buy rating and price target.
1. Panel findings reported
Webull shares dropped to a near four-month low after a report said the House Select Committee on China found the platform was tied in structural ways to China’s government and identified a gap between its public marketing and actual control.
2. Webull responds
A company spokesperson said Webull had cooperated with the committee but had not heard from it for more than 20 months. The spokesperson called the report’s conclusions inaccurate and unsupported, and said the company stores US customer data in the United States.
3. Analyst suspends rating
Siebert Financial analyst Brian Vieten said uncertainty over potential regulatory and operational implications could not reasonably be incorporated into estimates, and suspended his buy rating and price target on Webull’s stock.
