Webull

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

History

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

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

In November 2020, Webull began supporting cryptocurrency transactions.

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

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

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. 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.

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

References

External links

• Official website

1. Brooklyn Nets
2. List of NBA jersey sponsors
3. Robinhood Markets
4. Payment for order flow
5. Luxottica
6. Shunwei Capital
7. IG Group
8. R/wallstreetbets
9. GameStop short squeeze
10. Social media in the financial services sector