Robinhood, SoFi and Public are targeting Webull customers with promotional offers after a bipartisan U.S. House committee report called the brokerage’s ties to China a national security risk. The rivals are offering a 3% match to customers who transfer their portfolios from Webull. Robinhood is urging customers to “bring your portfolio home” to an American company. [2, 3, 4, 13, 18]
The report raised concerns about Webull’s ownership, technology infrastructure and the potential exposure of U.S. customer data to Chinese authorities. Its release led to a sharp drop in Webull’s stock price. [3, 4, 8, 10, 12, 14, 20] Webull disputed the findings, saying the report contains factual errors and that U.S. customer data is securely stored in the United States. [2, 8, 11, 12]