Webull Plunges Over 19% Amid Concerns of Chinese Government Ties

Webull shares plummeted by more than 18% on Wednesday following a report by CNBC revealing the online trading platform’s alleged ties to the Chinese government. The bipartisan House Select Committee on China highlighted a significant disparity between Webull’s public image and its actual control mechanisms. The committee’s investigation unveiled that Webull’s corporate framework, encompassing software development and core engineering operations, heavily depended on infrastructure subject to Chinese regulations. This revelation sent the stock to its lowest level in nearly four months, marking a potential steep decline not seen since April last year. The US congressional panel’s findings have raised concerns…