Online trading platform Webull soars 375% in second day on market after SPAC merger

During an interview on CNBC at the New York Stock Exchange, CEO of Webull, Anthony Denier, discussed the company’s recent success. Webull’s shares surged by almost 375% on its second day of trading following the completion of its merger with SK Growth Opportunities Corp., a special-purpose acquisition company (SPAC). This rally propelled Webull’s market capitalization to nearly $30 billion. Competing with platforms like Robinhood, Charles Schwab, and E-Trade, Webull allows investors to trade stocks, options, ETFs, and cryptocurrencies. The app also provides various tools such as charts, watchlists, and paper trading. With over 23 million registered users across 15 regions globally, the company generates revenue from trading fees and offers a premium tier with real-time data at $40 per year. Founded in 2016 by Wang Anquan, a former manager at Alibaba and Xiaomi, Webull’s CEO, the company has gained popularity, especially during the Covid pandemic. The company’s growth has attracted investment from firms like Coatue, General Atlantic, and Lightspeed. Despite its success, concerns have been raised about Webull’s connections to China, prompting inquiries from the U.S. House Select Committee on the Chinese Communist Party. The surge in SPACs like SK Growth Opportunities in 2021 has ebbed due to economic uncertainties, with only 23 SPAC IPOs so far this year. Webull had planned to go public in the second half of 2024.