Anthony Denier, CEO of FO Webull, spoke on June 1, 2022 in an interview with CNBC on the floor of the New York Stock Exchange (NYSE) in New York City, USA.
Brendan McDermid | Reuters
Webull’s shares surged nearly 375% on Monday, the second day of the stock trading app that completed the merger with SK Growth Accisition Company (SPAC), SK Growth Opportunities Corp., last week.
The rally gives Webull a market capitalization of around $30 billion.
Webull competes with Robinhood, Charles Schwab and E-Trade. The app allows investors to buy and sell stocks and options in individual securities, funds traded on exchanges, and cryptocurrencies, providing charts, watchlists, screening tools and paper trading.
The company says it has over 23 million registered users and operates in 15 regions around the world. In addition to trading billing fees, Webull has a premium tier with real-time data of $40 a year.
In an investor presentation last month, the company said it expects $390 million in 2024 revenue. This has been pretty much flat since 2023.
Wang Anquan, former manager of Alibaba and Xiaomi, founded Webull in 2016. He continues to be the company’s global CEO. Investors include Coatue, General Atlantic and Lightspeed. Anthony Denier, the company’s group president and US CEO, told CNBC in 2021. Dennier gained popularity as US citizens made investments using stimulus checks.
In November, the U.S. House Selection Committee on the Communist Party of China sent a letter to deniers asking about the company’s relationship with China. The company did not immediately respond to requests for comment.
According to SPAC Insider, the rise of blank check companies such as SK growth opportunities peaked in 2021, with 613 IPOs completed. The following year, the market fell apart, and rising interest rates forced investors out of their dangerous assets. So far, there have been 23 SPAC IPOs this year.
Last year, Webull said it plans to hold its market debut in the second half of 2024.
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