Anthony Denier, CEO FO Webull, speaks during an interview on CNBC on the floor of the New York Stock Exchange (NYSE) in New York City, USA, 1 June 2022.
Brendan McDermid | Reuters
Shares of Webull Almost 375% on Monday, the second day on the market for the stock trading app, which last week completed its merger with SK Growth Opportunities Corp., a special acquisition company (Spac).
The rally gives Webull a market capitalization of almost $ 30 billion.
Webull competes with Robinity” Charles Schwab and E-Trade. With the app, investors can buy and sell shares and options in individual effects, listed funds and cryptocurrencies, and offers graphs, watches, screening aids and paper trade.
The company says that it has more than 23 million registered users and is active in 15 regions worldwide. In addition to charging costs for transactions, Webull has a premium-layer with real-time data that costs $ 40 per year.
In an investment presentation last month, the company said it was expected $ 390.2 million in the turnover of 2024, which would be about from 2023.
Former Alibaba And Xiaomi manager Wang Anquan founded Webull in 2016 and he remains the worldwide CEO of the company. Investors include coatue, general Atlantic and Lightspeed. The app became popular during the COVID Pandemie, because American citizens used stimulus controls to invest, Anthony Denier, the group President of the company and the American CEO, told CNBC in 2021. Webull users are “much more intellectual” than that of Robinhood, Denier said.
In November, the US House Select Committee on the Chinese Communist Party sent a letter to Denier investigating the links of the company with China. The company did not immediately respond to a request for comment.
The rise of white checks such as SK growth opportunities peaked in 2021, completed with 613 IPOs, according to Spac Insider. The market fell apart the following year, because rising inflation and rising interest rates pushed investors out of risky assets. So far there are 23 Spac -Son this year.
Webull said last year that it intended to find his market debut in the second half of 2024.
WATCH: House committee is striking Webull about alleged ties with the Chinese Communist Party
