Robinhood (HOOD) news that moved the stock

What happened

Webull shares plunged more than 20% on Wednesday after CNBC reported on a bipartisan House Select Committee on China report, set for release today, concluding the online brokerage is 'tied in structural ways' to China's government and constitutes a national security risk. The committee found a 'profound gap' between Webull's public marketing and actual control, with its corporate structure — software development, data pipelines, and core engineering operations — dependent on infrastructure subject directly to Beijing's laws, including a China-based subsidiary for technology development and platform operations. Siebert Financial analyst Brian Vieten suspended his buy rating and price target, saying 'the potential regulatory and operational implications of these findings create a level of uncertainty that we cannot reasonably incorporate into our estimates.' Webull's spokesperson said the report contained 'significant inaccuracies and unsupported conclusions,' and that U.S. customer data is stored and controlled in the U.S.

What happened

The SEC's Division of Corporation Finance issued a no-action letter Tuesday (Sep 29) clearing Tesla's proposed 'Issuer Voluntary Retail Voting Program' (IVRVP) the same day it was submitted, following what Tesla's letter says were 'months-long' discussions with SEC staff. Under the voluntary program, retail shareholders opt in once — free, through Tesla, a broker, or a shared 'hub' — and from then on their shares are automatically voted in line with the Tesla board's recommendations. Participants choose one of two scopes: follow the board on every matter, or every matter except contested director elections and mergers/acquisitions/divestitures requiring a shareholder vote. Enrollees still receive full proxy materials, can override any single proposal, can cancel at any time, and get yearly reminders; votes are cast as soon as Tesla files its definitive proxy, before shareholders receive the proxy statement.