Webull Explained

Webull
Type:Privately held company
Industry:Financial services
Founded:[1] [2]
Founders:Wang Anquan[3]
Hq Location City:St. Petersburg, Florida, U.S.[4]
Key People:Anthony Denier (President)[5]
Products:Electronic trading platform
Services:Stockbroker
Owner:Wang Anquan[6]
General Atlantic[7]
Coatue Management
[8] Lightspeed Venture Partners[9]
J. Rothschild Capital Management[10]
Gopher Asset Management

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

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.[6] [15] In May 2020, the company received SEC approval to launch a robo-advisor on its platform.[16]

By August 2020, the platform had over 11 million registered users, and in October 2020, it had 750,000 daily active users.[17] [18]

In November 2020, Webull began supporting cryptocurrency transactions.[19]

On January 28, 2021, Webull halted buy orders for stocks affected by the GameStop short squeeze.[20] On that day, Webull recorded its highest-ever number of active daily users at 952,000.[21] That week, approximately 1.2 million people downloaded the Webull mobile app.[22]

In June 2021, Webull began talks of an initial public offering to raise up to $400 million.[23] [24]

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.[25] 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.[26]

In 2024, 14 US states launched a probe into Webull related to its data privacy practices and potential ties with the Chinese Communist Party.[27] In June 2024, Tennessee banned Webull on all government-issued devices.[28]

Notes and References

  1. News: GameStop, AMC Trades to Resume at Chinese Online Brokers . . January 29, 2021 . subscription . January 31, 2021 . April 17, 2022 . https://web.archive.org/web/20220417232802/https://www.bloomberg.com/news/articles/2021-01-29/gamestop-trades-restricted-at-tencent-backed-chinese-broker-futu . live .
  2. News: Michael . Wursthorn . Euirim . Choi . Does Robinhood Make It Too Easy to Trade? From Free Stocks to Confetti . . August 20, 2020 . subscription . January 12, 2021 . December 12, 2023 . https://web.archive.org/web/20231212085204/https://www.wsj.com/articles/confetti-free-stocks-does-robinhoods-design-make-trading-too-easy-11597915801 . live .
  3. News: Massa. Annie. Webull is winning over traders from US rival. Australian Financial Review. December 10, 2020. January 13, 2021. December 9, 2023. https://web.archive.org/web/20231209084740/https://www.afr.com/wealth/investing/china-s-robinhood-is-winning-over-traders-from-us-rival-20201210-p56m8b. live.
  4. Web site: Archived copy . April 15, 2024 . February 28, 2024 . https://web.archive.org/web/20240228145807/https://www.sec.gov/Archives/edgar/data/1866364/000121390024017777/ea0200860-425_webullcorp.htm . live .
  5. Web site: ON THE MOVE: Firstrade Appoints Don Montanaro; Webull Promotes Anthony Denier . January 16, 2024 . April 11, 2024 . February 28, 2024 . https://web.archive.org/web/20240228132349/https://www.tradersmagazine.com/featured_articles/on-the-move-firstrade-appoints-don-montanaro-webull-promotes-anthony-denier/ . live .
  6. News: Massa . Annie . Robinhood Is Losing Thousands of Traders to a China-Owned Rival . . December 8, 2020 . subscription . January 2, 2021 . April 1, 2023 . https://web.archive.org/web/20230401133824/https://www.bloomberg.com/news/articles/2020-12-08/robinhood-is-losing-thousands-of-day-traders-to-china-owned-webull . live .
  7. Web site: Archived copy . April 15, 2024 . February 28, 2024 . https://web.archive.org/web/20240228145807/https://www.sec.gov/Archives/edgar/data/1866364/000121390024017777/ea0200860-425_webullcorp.htm . live .
  8. Web site: Archived copy . April 15, 2024 . February 28, 2024 . https://web.archive.org/web/20240228145807/https://www.sec.gov/Archives/edgar/data/1866364/000121390024017777/ea0200860-425_webullcorp.htm . live .
  9. Web site: Archived copy . April 15, 2024 . February 28, 2024 . https://web.archive.org/web/20240228145807/https://www.sec.gov/Archives/edgar/data/1866364/000121390024017777/ea0200860-425_webullcorp.htm . live .
  10. Web site: Archived copy . April 15, 2024 . February 28, 2024 . https://web.archive.org/web/20240228145807/https://www.sec.gov/Archives/edgar/data/1866364/000121390024017777/ea0200860-425_webullcorp.htm . live .
  11. News: Zeldin . Lee . 13 July 2023 . Biden's financial regulators give China-backed brokers a hand, but who is surprised? . live . https://web.archive.org/web/20231004153641/https://www.washingtontimes.com/news/2023/jul/13/bidens-financial-regulators-give-china-backed-brok/ . October 4, 2023 . 23 September 2023 . .
  12. Web site: McGregor . Grady . February 2, 2021 . The Robinhood revolt was good for Webull, China's little-known trading app . live . https://web.archive.org/web/20230601060233/https://fortune.com/2021/02/02/robinhood-stock-trader-revolt-webull-alternative-china-app/ . June 1, 2023 . 2021-08-06 . . en.
  13. Web site: UNITED STATESSECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 . 2024-05-02 . www.sec.gov . February 28, 2024 . https://web.archive.org/web/20240228145807/https://www.sec.gov/Archives/edgar/data/1866364/000121390024017777/ea0200860-425_webullcorp.htm . live .
  14. Web site: Webull Financial LLC. Delaware Department of State: Division of Corporations. February 14, 2021. September 20, 2016. https://web.archive.org/web/20160920145319/https://icis.corp.delaware.gov/Ecorp/EntitySearch/NameSearch.aspx. live.
  15. Web site: January 12, 2021. Form ADV - CRD #: 304881. SEC Reports. August 6, 2021. November 10, 2022. https://web.archive.org/web/20221110002226/https://sec.report/AdviserInfo/Firms/304881/Form-ADV-304881.pdf. live.
  16. News: Renato . Capelj . Webull Leverages Crisis To Spur Innovation, Financial Wellness . . May 6, 2020 . subscription . January 13, 2021 . April 26, 2023 . https://web.archive.org/web/20230426165059/https://www.marketwatch.com/story/webull-leverages-crisis-to-spur-innovation-financial-wellness-2020-05-06 . live .
  17. News: Michael . Graw . August 20, 2020 . Commission-free brokerage Webull launches desktop platform . . January 2, 2021 . December 12, 2023 . https://web.archive.org/web/20231212213413/https://www.techradar.com/news/commission-free-brokerage-webull-launches-a-new-desktop-platform . live .
  18. News: Alexander . Osipovich . Individual-Investing Boom Fuels Trading in Low-Price Stocks . October 16, 2020 . . subscription . January 12, 2021 . December 9, 2023 . https://web.archive.org/web/20231209140626/https://www.wsj.com/articles/individual-investing-boom-fuels-trading-in-low-price-stocks-11602840602 . live .
  19. News: Paul . Vigna . Bitcoin Tops $20,000 for First Time . . December 16, 2020 . subscription . January 13, 2021 . January 15, 2021 . https://web.archive.org/web/20210115012610/https://www.wsj.com/articles/bitcoin-climbs-above-20-000-to-record-11608130696 . live .
  20. Web site: Crowley . James . Webull follows Robinhood in blocking GameStop, AMC trades after being suggested as alternate trading platform . . January 28, 2021 . January 28, 2021 . January 28, 2021 . https://web.archive.org/web/20210128172109/https://www.newsweek.com/webull-blocks-gamestop-amc-transactions-stock-market-robinhood-1565172 . live .
  21. News: Robinhood and Reddit top the App Store, as trading apps surge following gamestop mania . Sarah . Perez . . January 28, 2021 . February 14, 2021 . February 15, 2021 . https://web.archive.org/web/20210215193943/https://techcrunch.com/2021/01/28/robinhood-and-reddit-top-the-app-store-as-trading-apps-surge-following-gamestop-mania/ . live .
  22. News: Robinhood, Webull, and Fidelity apps soar amid GameStop controversy . Jonathan . Vanian . . February 2, 2021 . February 14, 2021 . February 2, 2021 . https://web.archive.org/web/20210202203709/https://fortune.com/2021/02/02/robinhood-webull-fidelity-apps-soar-gamestop-amc-reddit/ . live .
  23. Web site: June 8, 2021. Online Broker Webull Considers $400 Million U.S. IPO. 2021-07-04. Bloomberg. July 13, 2021. https://web.archive.org/web/20210713091220/https://www.bloomberg.com/news/articles/2021-06-09/online-broker-webull-is-said-to-consider-400-million-u-s-ipo. live.
  24. Web site: Dayal. Nikhil. 2021-06-10. Webull In Talks To File For IPO Later This Year: Report. 2021-07-04. Benzinga. English. July 9, 2021. https://web.archive.org/web/20210709182703/https://www.benzinga.com/fintech/21/06/21517405/webull-in-talks-to-file-for-ipo-later-this-year-report. live.
  25. Web site: Brooklyn Nets and New York Liberty form Global Multi-year Partnership with Webull. 2021-10-11. Brooklyn Nets. en. September 27, 2021. https://web.archive.org/web/20210927201556/https://www.nba.com/nets/news/2021/09/27/brooklyn-nets-and-new-york-liberty-form-global-multi-year-partnership-webull. live.
  26. Web site: Young. Jabari. 2021-09-27. Brooklyn Nets land $30 million per year jersey deal with brokerage platform Webull. 2021-10-11. CNBC. en. October 10, 2021. https://web.archive.org/web/20211010033410/https://www.cnbc.com/2021/09/27/brooklyn-nets-land-30-million-per-year-jersey-deal-with-webull-.html. live.
  27. News: Osipovich . Alexander . April 17, 2024 . Trading App Webull Faces Multistate Probe Over China Ties . subscription . 2024-05-02 . . en-US . May 2, 2024 . https://web.archive.org/web/20240502160747/https://www.wsj.com/livecoverage/stock-market-today-earnings-04-17-2024/card/trading-app-webull-faces-multistate-probe-over-china-ties-Fz1MYjvQlyyseedqOmve . live .
  28. News: Osipovich . Alexander . June 13, 2024 . Webull’s China Problem Grows With Tennessee State Ban . subscription . June 13, 2024 . The Wall Street Journal.

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