Webull

Last updated

Webull
Company type Privately held company
Industry Financial services
FoundedMay 24, 2017;6 years ago (2017-05-24) [1] [2]
FoundersWang Anquan [3]
Headquarters
St. Petersburg, Florida, U.S. [4]
Key people
Anthony Denier (President) [5]
Products Electronic trading platform
Services Stockbroker
OwnerWang Anquan [6]
General Atlantic [4]
Coatue Management
[4] Lightspeed Venture Partners [4]
J. Rothschild Capital Management [4]
Gopher Asset Management
Website www.webull.com OOjs UI icon edit-ltr-progressive.svg

Webull Corporation is an electronic trading platform, accessible via mobile app and desktop computer, offering commission-free and low-cost trading of stocks, exchange traded funds, options, margins, fixed income, and futures.

Contents

Webull is owned by Hunan Fumi Information Technology, [7] a Chinese holding company that has received backing from Xiaomi, Shunwei Capital, and other private equity investors in China. [8] [9] Webull's holding company is incorporated in the Cayman Islands and headquartered in St. Petersburg, Florida. [10]

History

On May 24, 2017, Webull Financial LLC was established as a Delaware limited liability company [9] by Wang Anquan, a former employee of Alibaba Group. [6] [11] In May 2020, the company received SEC approval to launch a robo-advisor on its platform. [12]

By August 2020, the platform had over 11 million registered users, and in October 2020, it had 750,000 daily active users. [13] [14]

In November 2020, Webull began supporting cryptocurrency transactions. [15]

On January 28, 2021, Webull halted buy orders for stocks affected by the GameStop short squeeze, [16] but reversed course and allowed buy orders starting at 2:35 pm that day. [17] [ user-generated source ] On that day, Webull recorded its highest-ever number of active daily users at 952,000. [18] That week, approximately 1.2 million people downloaded the Webull mobile app. [19]

In June 2021, Webull began talks of an initial public offering to raise up to $400 million. [20] [21]

In September 2021, the Brooklyn Nets and New York Liberty entered into a global multi-year agreement with Webull and the company became the official jersey patch partner for the Nets. [22] Terms of the agreement for the jersey patch weren't announced, but people familiar with the agreement told CNBC that it is a multi-year pact that pays the Nets roughly $30 million per year. [23]

In 2024, 14 US states launched a probe into Webull related to its data privacy practices and potential ties with the Chinese Communist Party. [24]

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References

  1. ↑ "GameStop, AMC Trades to Resume at Chinese Online Brokers" . Bloomberg News . January 29, 2021. Archived from the original on April 17, 2022. Retrieved January 31, 2021.
  2. ↑ Wursthorn, Michael; Choi, Euirim (August 20, 2020). "Does Robinhood Make It Too Easy to Trade? From Free Stocks to Confetti" . The Wall Street Journal . Archived from the original on December 12, 2023. Retrieved January 12, 2021.
  3. ↑ Massa, Annie (December 10, 2020). "Webull is winning over traders from US rival". Australian Financial Review . Archived from the original on December 9, 2023. Retrieved January 13, 2021.
  4. 1 2 3 4 5 "Archived copy". Archived from the original on February 28, 2024. Retrieved April 15, 2024.{{cite web}}: CS1 maint: archived copy as title (link)
  5. ↑ "ON THE MOVE: Firstrade Appoints Don Montanaro; Webull Promotes Anthony Denier". January 16, 2024. Archived from the original on February 28, 2024. Retrieved April 11, 2024.
  6. 1 2 Massa, Annie (December 8, 2020). "Robinhood Is Losing Thousands of Traders to a China-Owned Rival" . Bloomberg News . Archived from the original on April 1, 2023. Retrieved January 2, 2021.
  7. ↑ Zeldin, Lee (July 13, 2023). "Biden's financial regulators give China-backed brokers a hand, but who is surprised?". The Washington Times. Archived from the original on October 4, 2023. Retrieved September 23, 2023.
  8. ↑ McGregor, Grady (February 2, 2021). "The Robinhood revolt was good for Webull, China's little-known trading app". Fortune. Archived from the original on June 1, 2023. Retrieved August 6, 2021.
  9. 1 2 "Webull Financial LLC". Delaware Department of State: Division of Corporations. Archived from the original on September 20, 2016. Retrieved February 14, 2021.
  10. ↑ "UNITED STATESSECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549". www.sec.gov. Archived from the original on February 28, 2024. Retrieved May 2, 2024.
  11. ↑ "Form ADV - CRD #: 304881" (PDF). SEC Reports. January 12, 2021. Archived (PDF) from the original on November 10, 2022. Retrieved August 6, 2021.
  12. ↑ Capelj, Renato (May 6, 2020). "Webull Leverages Crisis To Spur Innovation, Financial Wellness" . MarketWatch . Archived from the original on April 26, 2023. Retrieved January 13, 2021.
  13. ↑ Graw, Michael (August 20, 2020). "Commission-free brokerage Webull launches desktop platform". TechRadar. Archived from the original on December 12, 2023. Retrieved January 2, 2021.
  14. ↑ Osipovich, Alexander (October 16, 2020). "Individual-Investing Boom Fuels Trading in Low-Price Stocks" . The Wall Street Journal . Archived from the original on December 9, 2023. Retrieved January 12, 2021.
  15. ↑ Vigna, Paul (December 16, 2020). "Bitcoin Tops $20,000 for First Time" . The Wall Street Journal . Archived from the original on January 15, 2021. Retrieved January 13, 2021.
  16. ↑ Crowley, James (January 28, 2021). "Webull follows Robinhood in blocking GameStop, AMC trades after being suggested as alternate trading platform". Newsweek . Archived from the original on January 28, 2021. Retrieved January 28, 2021.
  17. ↑ "Update: GME, AMC, and KOSS are no longer restricted". January 28, 2020. Archived from the original on January 29, 2021. Retrieved January 28, 2021– via Twitter.
  18. ↑ Perez, Sarah (January 28, 2021). "Robinhood and Reddit top the App Store, as trading apps surge following gamestop mania". TechCrunch . Archived from the original on February 15, 2021. Retrieved February 14, 2021.
  19. ↑ Vanian, Jonathan (February 2, 2021). "Robinhood, Webull, and Fidelity apps soar amid GameStop controversy". Fortune . Archived from the original on February 2, 2021. Retrieved February 14, 2021.
  20. ↑ "Online Broker Webull Considers $400 Million U.S. IPO". Bloomberg. June 8, 2021. Archived from the original on July 13, 2021. Retrieved July 4, 2021.
  21. ↑ Dayal, Nikhil (June 10, 2021). "Webull In Talks To File For IPO Later This Year: Report". Benzinga. Archived from the original on July 9, 2021. Retrieved July 4, 2021.
  22. ↑ "Brooklyn Nets and New York Liberty form Global Multi-year Partnership with Webull". Brooklyn Nets. Archived from the original on September 27, 2021. Retrieved October 11, 2021.
  23. ↑ Young, Jabari (September 27, 2021). "Brooklyn Nets land $30 million per year jersey deal with brokerage platform Webull". CNBC. Archived from the original on October 10, 2021. Retrieved October 11, 2021.
  24. ↑ Osipovich, Alexander (April 17, 2024). "Trading App Webull Faces Multistate Probe Over China Ties" . The Wall Street Journal . Archived from the original on May 2, 2024. Retrieved May 2, 2024.
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