Anthony Denier, CEO from Fowull, speaks during an interview about CNBC on the ground of the New York Stock Exchange (NYSE) in New York City, USA, June 1, 2022.
Brendan McDermid | Reuters
Shares of Webull On Monday, the second day on the market for the stock trading app, which increased its merger last week with SK growth opportunities Corp., a Special Purple Acquisition company (SPAC), almost 375%.
The rally gives webull a market capitalization of almost 30 billion US dollars.
Webull competes with RobinhoodPresent Charles Schwab and e-trade. With the app, investors can buy and sell shares and options in individual securities, funds and cryptocurrencies traded by Exchange and offer charts, watch lists, screening tools and paper trading.
The company states that it has over 23 million registered users and is active in 15 regions worldwide. In addition to the fees for shops, Webull has a premium level with real-time data that costs $ 40 a year.
In an investor presentation last month, the company said that in 2024 it expected sales of $ 390.2 million, which would be roughly flat from 2023.
Former Alibaba and Xiaomi manager Wang Anquan founded Webull in 2016 and he remains the company's global CEO. Investors include coating, general Atlantic and speed of light. During the Covid pandemic, the app achieved popularity that Stimulus checks used for investments, Anthony Denier, the group president of the company and US CEO, told CNBC in 2021.
In November, the US House Select Committee sent a letter to Denier for the China Communist Party, in which he asked about the connections of the company to China. The company did not immediately answer a request for comments.
According to the Spac Insider, the increase in companies with blank check companies such as SK wax opportunities reached a highlight in 2021. The market fell apart the following year when the increasing inflation and rising interest rates got investors out of risky assets. So far there have been 23 SPAC exchanges this year.
Webull said last year that it should plan its market debut in the second half of 2024 in the second half of 2024.
REGARD: House Committee Slams Webull via alleged connections to the China Communist Party