- Webull (BULL) fell $1.43, about 19.64%, from a $7.28 close on October 6, 2026 to a $5.85 open on October 7, 2026, after a CNBC report said the platform is linked in structural ways with the Chinese government.
- The selloff followed record quarterly revenue of $198.8 million, and Levi & Korsinsky opened an investigation into whether Webull made materially false or misleading statements about its global infrastructure, technology operations and China-related structure.
- Siebert Financial suspended its buy rating and price target on BULL, with analyst Brian Vieten flagging a level of uncertainty triggered by potential regulatory and operational implications of the committee findings.
- Webull had previously disclosed a House Select Committee letter inquiring about the security of sensitive customer data and the relationship between Webull Financial and its China operations, and management said the allegations were largely based on outdated and inaccurate information.
Quotes
“level of uncertainty that we cannot reasonable incorporate”
“the claims and allegations in both letters were largely based on outdated and inaccurate information”