Anthony Denier, CEO fo Webull, tells during an interview on CNBC on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 1, 2022.
Brendan McDermid | Reuters
Pay outs of Webull soared nearly 375% on Monday, the second day on the market for the stock-trading app, which completed its merger last week with SK Wart Opportunities Corp., a special-purpose acquisition company (SPAC).
The rally gives Webull a market cap of almost $30 billion.
Webull fights with Robinhood, Charles Schwab and E-Trade. The app lets investors buy and sell shares and options in individual securities, exchange-traded readies and cryptocurrencies, and offers charts, watchlists, screening tools and paper trading.
The company says it has over 23 million chronicled users and operates in 15 regions globally. In addition to charging fees on trades, Webull has a premium tier with real-time evidence that costs $40 per year.
In an investor presentation last month, the company said it was expecting $390.2 million in 2024 take, which would be roughly flat from 2023.
Former Alibaba and Xiaomi manager Wang Anquan founded Webull in 2016, and he ends b bodies the company’s global CEO. Investors include Coatue, General Atlantic and Lightspeed. The app gained popularity during the Covid pandemic, as U.S. burgesses used stimulus checks to invest, Anthony Denier, the company’s group president and U.S. CEO, told CNBC in 2021. Webull drugs are “much more intellectual” than Robinhood’s, Denier has said.
In November, the U.S. House Select Committee on the Chinese Communist Get-together sent a letter to Denier inquiring about the company’s ties to China. The company didn’t immediately respond to a entreaty for comment.
The rise of blank-check companies such as SK Growth Opportunities peaked in 2021, with 613 IPOs finished, according to SPAC Insider. The market fell apart the following year as soaring inflation and rising interest estimates pushed investors out of risky assets. So far this year there have been 23 SPAC IPOs.
Webull intended last year that it was planning for its market debut to take place in the second half of 2024.
WATCH: House Body slams Webull over alleged ties to Chinese Communist Party
