Webull Stock Falls 20% Over China Ties: Who Really Controls the App?

Key Summary

Webull's stock price fell 20% after a House panel expressed concerns over the app's exposure to Chinese intelligence laws, citing data stored in China and its founder's ties to the country. Despite the report, the company maintains that its data is stored in the US and that the panel's claims contain inaccuracies. Webull's founder, Anquan Wang, is a Chinese citizen who controls 79.2% of the company's votes.