Webull’s explosive SPAC debut sent shares soaring 375% on day two, briefly valuing the trading app at $30 billion – a staggering sum for a company projecting $390 million in revenue. With only 2.1% of shares available for trading, extreme volatility followed, sending the stock crashing 76% from its $79.56 peak. The wild ride left retail traders burned and raised serious questions about the hype versus reality. There’s more to this rollercoaster than meets the eye.
Webull, the popular trading app, erupted onto public markets through a SPAC merger that sent its stock price into the stratosphere. The trading platform, now listed under ticker “BULL,” saw its shares surge an eye-popping 375% on its second day of trading, briefly pushing its market cap to nearly $30 billion. That’s not too shabby for a company expecting just $390 million in revenue this year.
The merger with SK Growth Opportunities Corp. marked one of 2025’s most dramatic public listings. Shares touched a dizzying high of $79.56, up from their debut price in a surge that had Wall Street veterans shaking their heads. Social media was ablaze with retail traders celebrating their gains. The extreme volatility stems from only 2.1% of shares being available for trading.
Reality, however, has a way of crashing the party. By Tuesday’s pre-market, the stock had already dropped 14.7%, trading at $53.66. The decline didn’t stop there – shares eventually plummeted 76% from their peak, settling around $35. The company celebrated its market entry by ringing the opening bell at Nasdaq on April 11. So much for those diamond hands everyone was bragging about on trading forums.
After soaring to dizzying heights, Webull’s stock came crashing back to earth, crushing the dreams of overconfident retail traders.
With over 23 million registered users worldwide and availability in 15 regions, Webull has built a solid following since the 2020 retail trading boom. The platform offers commission-free trading for stocks, ETFs, options, and crypto, along with fancy charts and tools that make traditional brokers look like they’re stuck in 1995. Like most blue-chip stocks, Webull aims to provide stability and reliability to its investors.
But here’s the kicker – Webull’s explosive debut stands out in a SPAC market that’s practically on life support. From 613 SPAC deals in 2021 to a measly 23 in 2025, the blank-check company craze has fizzled faster than a day-old soda.
And with flat revenue growth projected for 2024, Webull’s astronomical valuation seems about as rational as using astrology to pick stocks. Sure, Webull has carved out its niche competing against Robinhood and traditional brokers.
But with political scrutiny looming and a stock price that’s already taken a nosedive, this rocket ship might need more than retail trader enthusiasm to maintain orbit.
