Webull

Page semi-protected
From Wikipedia, the free encyclopedia

Webull
Company typePrivately held company
IndustryFinancial 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][6]
ProductsElectronic trading platform
ServicesStockbroker
OwnerWang Anquan[7]
General Atlantic [8]
Coatue Management
[9]Lightspeed Venture Partners[10]
J. Rothschild Capital Management[11]
Gopher Asset Management
Websitewww.webull.com Edit this at Wikidata

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.

Webull is owned by Hunan Fumi Information Technology,[12] a Chinese holding company that has received backing from Xiaomi, Shunwei Capital, and other private equity investors in China.[13][14] Webull's holding company is incorporated in the Cayman Islands and headquartered in St. Petersburg, Florida.[15]

History

On May 24, 2017, Webull Financial LLC was established as a Delaware limited liability company[14] by Wang Anquan, a former employee of Alibaba Group.[7][16] A year later, in May 2018, the company released its mobile app for iOS and Android.[17] In May 2020, the company received SEC approval to launch a robo-advisor on its platform.[18]

By August 2020, the platform had over 11 million registered users, and in October 2020, it had 750,000 daily active users.[19][20]

In November 2020, Webull began supporting cryptocurrency transactions.[21]

On January 28, 2021, Webull halted buy orders for stocks affected by the GameStop short squeeze,[22] but reversed course and allowed buy orders starting at 2:35 pm that day.[23] On that day, Webull recorded its highest-ever number of active daily users at 952,000.[24] That week, approximately 1.2 million people downloaded the Webull mobile app.[25]

In June 2021, Webull began talks of an initial public offering to raise up to $400 million.[26][27]

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.[28] 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.[29]

In 2024, 14 US states launched a probe into Webull related to its data privacy practices and potential ties with the Chinese Communist Party.[30]

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. ^ "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. ^ "Webull Appoints Anthony Denier as Group President" (Press release). Archived from the original on February 27, 2024. Retrieved April 11, 2024.
  7. ^ a b 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.
  8. ^ "Archived copy". Archived from the original on February 28, 2024. Retrieved April 15, 2024.{{cite web}}: CS1 maint: archived copy as title (link)
  9. ^ "Archived copy". Archived from the original on February 28, 2024. Retrieved April 15, 2024.{{cite web}}: CS1 maint: archived copy as title (link)
  10. ^ "Archived copy". Archived from the original on February 28, 2024. Retrieved April 15, 2024.{{cite web}}: CS1 maint: archived copy as title (link)
  11. ^ "Archived copy". Archived from the original on February 28, 2024. Retrieved April 15, 2024.{{cite web}}: CS1 maint: archived copy as title (link)
  12. ^ 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.
  13. ^ 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.
  14. ^ a b "Webull Financial LLC". Delaware Department of State: Division of Corporations. Archived from the original on September 20, 2016. Retrieved February 14, 2021.
  15. ^ "UNITED STATESSECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549". www.sec.gov. Archived from the original on February 28, 2024. Retrieved May 2, 2024.
  16. ^ "Form ADV - CRD #: 304881" (PDF). SEC Reports. January 12, 2021. Archived (PDF) from the original on November 10, 2022. Retrieved August 6, 2021.
  17. ^ "Webull Financial Launches Comprehensive Commission-free Stock Trading App". PR Newswire. May 30, 2018. Archived from the original on October 2, 2022. Retrieved July 2, 2022.
  18. ^ 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.
  19. ^ 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.
  20. ^ 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.
  21. ^ 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.
  22. ^ 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.
  23. ^ "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.
  24. ^ 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.
  25. ^ 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.
  26. ^ "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.
  27. ^ 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.
  28. ^ "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.
  29. ^ 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.
  30. ^ 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.

External links

Retrieved from "https://en.wikipedia.org/w/index.php?title=Webull&oldid=1222144229"