Webull Corporation, often stylized as simply Webull, is a U.S.-based financial services holding company headquartered in St. Petersburg, Florida. It owns and operates the Webull electronic trading platform for self-directed retail investors. Depending on jurisdiction, the Webull platform offers trading in stocks, exchange-traded funds (ETFs), options, margin, bonds, cryptocurrency and futures, as well as market-data tools. Webull began operations in 2016 under Hunan Fumi Information Technology, a China-based financial technology company founded by Wang Anquan. It launched U.S. brokerage services through Webull Financial LLC in 2018 and expanded during the retail-trading boom of 2020 and 2021. In April 2025, Webull became a publicly traded company on the Nasdaq through a merger with special-purpose acquisition company SK Growth Opportunities Corporation. The company's U.S. brokerage revenue relies substantially on payment for order flow, with options trading accounting for the larger share of its order-flow rebates in 2025. Webull has faced regulatory actions related to options customer approvals, complaint handling, suspicious activity reporting, social-media marketing and customer disclosures. It has also faced scrutiny from U.S. lawmakers and state officials over its historical and operational ties to China and the handling of U.S. customer data. == History == === Founding === Webull was founded in 2016 under Hunan Fumi Information Technology, a China-based financial technology company, by Wang Anquan, a former employee of Alibaba Group and Xiaomi. Hunan Fumi Information Technology received backing from Xiaomi, Shunwei Capital, and other investors in China. Fumi Technology was a Hunan-based fintech start-up incubated by Xiaomi and raised about CNY200 million (approximately US$30 million) in a Series B financing round in 2018. On May 24, 2017, Webull Financial LLC was established as a Delaware limited liability company. It began offering brokerage services in the United States in May 2018. Wang hired Anthony Denier as CEO of the U.S. brokerage that year and the two mapped out their strategy on napkins at a Mexican restaurant in New York City. Webull Corporation was incorporated in the Cayman Islands in September 2019 as the group's holding company. === Retail trading boom === 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. Webull introduced options trading in 2020 and later added cryptocurrency trading through a separate digital-asset business. In November 2020, Webull began supporting cryptocurrency transactions. In December 2020, Webull launched trading services in Hong Kong. During the GameStop short squeeze in January 2021, Webull gained attention as some retail traders looked for alternatives to Robinhood. On January 27, 2021, Webull recorded its highest-ever number of active daily users, at 952,000, and the Webull app was downloaded across the Apple App and Google Play stores an estimated 100,000 times. That week, approximately 1.2 million people downloaded the Webull mobile app, which the company reported as a 1,548% week-over-week increase. On January 28, 2021, Webull was directed by its clearing house to temporarily halt buy orders for stocks affected by the GameStop short squeeze. In June 2021, Webull was reported to be considering a U.S. initial public offering that could raise up to $400 million. === Restructuring and expansion === Webull restructured its China-related corporate arrangements in 2022 and later stated that Hunan Fumi was no longer affiliated with the group. In 2022 and 2023, Webull expanded in several non-U.S. markets, including Singapore, Australia, South Africa, Japan, the United Kingdom and Indonesia. In June 2023, Webull moved cryptocurrency trading to a separate app called Webull Pay. By the end of 2023, Webull had 4.3 million funded accounts and US$8.2 billion in customer assets. In January 2024, Anthony Denier was promoted to group president of Webull Corporation. In November 2024, Webull launched overnight, or extended-hours, trading, expanding the trading window of U.S. stocks for users inside and outside the United States. === SPAC merger and Nasdaq listing === On February 28, 2024, Webull agreed to go public through a business combination with SK Growth Opportunities Corporation (NASDAQ: SKGR), a special-purpose acquisition company, in a deal that valued the company at approximately US$7.3 billion. The proposed valuation drew scrutiny because of Webull's limited financial disclosure at announcement, reliance on payment for order flow and small expected public float. SK Growth shareholders approved the business combination on March 30, 2025, and the transaction closed on April 10, 2025. Webull's Class A ordinary shares and warrants began trading on the Nasdaq on April 11, 2025 under the ticker symbols BULL and BULLW (incentive warrants traded under BULLZ until their redemption in June 2025). The merger brought Webull to the public market but generated little cash for the company: after shareholder redemptions, Webull disclosed net proceeds of US$430,066 from the transaction. After the listing, Webull's shares experienced extreme volatility, rising as much as 500% to US$79.56 on April 14, 2025, after closing at US$13.25 on the prior trading day. The initial post-listing surge increased the value of Webull holdings owned by earlier investors, including RIT Capital Partners, which had first invested in Webull in 2021. In April 2026, after Webull's shares had fallen about 70% over the previous year, the company authorized a US$100 million share repurchase program. == Business model and financials == Webull provides a self-directed electronic trading platform available through mobile, desktop and web applications. Depending on jurisdiction, the platform offers trading in stocks, exchange-traded funds, options, margin, futures, fixed income products, cryptocurrency, cash management features and market data tools. In the United States, Webull Financial LLC is a registered broker-dealer and member of FINRA and the Securities Investor Protection Corporation, while Webull operates in other markets through locally licensed brokerage subsidiaries. Webull operates a commission-free or low-cost brokerage model for self-directed retail investors. In the United States, a substantial part of its trading-related revenue comes from payment for order flow, while in some non-U.S. markets the company more commonly charges commissions directly to customers. The platform is aimed at more active retail investors, including users seeking options tools, extended-hours trading and real-time market data. For 2025, Webull reported total revenue of US$571.0 million, up from US$390.2 million in 2024. Equity and option order-flow rebates accounted for US$304.1 million, or 53.3% of revenue, making order-flow rebates the company's largest reported revenue category. Interest-related income accounted for US$154.3 million, handling charge income for US$87.3 million and other revenue for US$25.3 million. Options were the larger component of the company's order-flow rebates in 2025, generating US$210.0 million compared with US$94.2 million from equities. Webull also generates revenue from interest-related activities, including margin financing, customer bank deposits, stock lending and corporate bank deposits. The company has stated that its interest-related income is affected by interest rates, customer cash balances, margin balances and demand for stock lending. The company had approximately 20 million registered users worldwide as of February 2024. As of December 31, 2025, it reported 26.8 million registered users, 5.0 million funded accounts and US$24.6 billion in customer assets. As of March 2025, Webull operated in Hong Kong, Singapore, Australia, South Africa, Japan, the United Kingdom, the United States, Indonesia, Canada, Brazil, Thailand, Malaysia and Mexico. == Marketing and sponsorships == Webull has used paid digital advertising, referral incentives, free-stock promotions, affiliate marketing and sports sponsorships to acquire customers and promote its brand. In its 2025 annual filing, the company reported marketing and branding expenses of US$152.3 million in 2023, US$138.7 million in 2024 and US$135.9 million in 2025. Webull said most of its advertising and promotion costs were related to paid search and paid social advertising, and that it had reduced free-stock promotions while shifting toward deposit- and asset-transfer-based incentives. In September 2021, BSE Global, the parent company of the Brooklyn Nets and New York Liberty, entered into a global multi-year agreement with Webull. Under the agreement, Webull became an official sponsor and online brokerage partner of the teams, with branding that included a jersey patch on Brooklyn Nets uniforms. Spo
Application enablement
Application enablement is an approach which brings telecommunications network providers and developers together to combine their network and web abilities in creating and delivering high demand advanced services and new intelligent applications. Network providers, in addition to bandwidth, provide abilities such as billing, location, presence, and security, which have allowed them to establish long-term relationships with end-users. By offering these select abilities as application programming interfaces (APIs), providers give developers access to a set of tools to create (mashup) new applications and services to run on provider networks. Unifying the strengths of providers and developers facilitates the creation of mash-up applications, and in turn, a better end user quality of experience (QoE) for improved profit margins. Apple's iOS with App Store, and Google's Android with Android Market exemplify this approach. Both have introduced mobile platforms that are supported by a comprehensive ecosystem in order to perpetuate innovation in product design, content and service offerings, and overall consumer behavior. By the end of April 2010, downloadable applications numbered over 200,000 for iPhone and over 50,000 for Android. == Background == Historically, telecommunication providers primarily based their business models on network performance, emphasizing connectivity, availability, and quality of service (QoS) as key sources of revenue and customer value. With the increasing demand for bandwidth-intensive data and video applications, maintaining service continuity has required substantial infrastructure investments. To address rising operational costs and declining average revenue per user (ARPU), providers have increasingly adopted customer-oriented strategies and diversified business models to expand their roles within the telecommunications value chain. Application enablement supports providers in making this transition by providing an environment, or ecosystem, where providers and developers can collaborate to build, test, manage, and distribute applications across networks including television, broadband, Internet, and mobile. This cooperative effort produces mutually beneficial results for all parties, opening up new revenue streams while enhancing value and rate of return (ROI). The following are some examples of key network abilities which function as application enablers in the telecommunications market: Billing systems Security for private transactions Network-based storage of digital content End-to-end bandwidth for high-quality transmissions Scoring abilities to identify end-user preferences and behaviors Subscriber data to customize the end-user experience Context information, such as location and presence, to localize services. == New business models == As network providers work toward effective collaboration with application and content developers, several new business models are emerging to help facilitate the business relationships: === Vendor-led === A type of business model driven by telecommunications vendors, who assist network providers in building relationships with application and content developers to lower the cost and complexity of managing third parties. Examples of this model include: Forum Nokia IBM Technology Partner Ecosystem Ng Connect Huawei Intouch program === Operator-led === Characterized by network providers who want to maintain a high degree of flexibility and control over applications created for their end-consumers, this model lets them create and manage their own developer program, development platform, and application store. Under this arrangement, independent developers provide their own branding, marketing communications, pricing and customer care. Network providers pursuing this model will often seek to partner with a large number of third parties using standardized on-boarding processes. Examples of this model include: o2 Litmus Orange Partner Joint Innovation Lab === Aggregator === Network providers who choose not to create/manage their own developer relationships will partner with one or multiple aggregators, to administer a portion of or their entire application strategy. Examples of this model include: Ovi Operator Partnership Blackberry Operator Partnership Cellmania Buongiorno === Mass wholesale === Select network providers also participate in wholesale models that exist primarily for applications (BT's Ribbit- an Internet Protocol (IP) based calling and messaging platform) and devices (Verizon's Open Device initiative). This business-to-business approach reduces a large portion of the potential costs of third party application enablement (marketing, acquisition and support). Examples of this model include: BT's Ribbit Verizon Wireless ODI AT&T Synaptic Hosting === The enterprise customer === Some network providers are focusing on enabling applications in the enterprise space. In this model, the network provider establishes a platform for their large enterprise customers who want to blend custom software with enhanced abilities, and will provide standardized processes around mobilizing enterprise applications, and exposing core back-office abilities to allow for dynamic customer interaction. Examples of this model include: Vodafone Applications Service Verizon Private Network Sprint Solution Launchpad === Trusted partner === In this model, the network provider builds one-on-one relationships with trusted third-party developers by exposing customized network abilities, bringing a greater variety of brands to the network provider's portfolio. Network providers using this model tend to only have a few partners (in contrast to the operator led model). Under this scenario, network providers benefit from a pre-established customer base and the developer's marketing resources. Examples of this model include: 3/Skype Partnership (UK) Virgin Media and BBC iPlayer == Network operator developer resources == Operator led model o2 Litmus Orange Partner Joint Innovations Lab Aggregator model Ovi Operator Partnership Cellmania Buongiorno Mass wholesale model BT Ribbit Verizon Wireless ODI AT&T Synaptic Hosting Enterprise customer model Vodafone Applications Service Verizon Private Network Sprint Solution Launchpad == Rerencesfe ==
Intelligent Robotics Group
The Intelligent Robotics Group (IRG) is a research organization within the Intelligent Systems Division at the NASA Ames Research Center in California's Silicon Valley. IRG conducts applied research in the area of robotics and autonomy and is one of the principal organizations at NASA responsible for robotics expertise, along with groups at the Jet Propulsion Laboratory and Johnson Space Center. The group's portfolio includes robotics in support of human exploration, perception and navigation, user interfaces, software architectures, and simulation. IRG developed the Astrobee free-flying robots on the International Space Station and was a primary contributor to the VIPER lunar rover in the areas of flight software, navigation, simulation, and mission operations. IRG has also conducted many robotic field test campaigns in support of spaceflight mission concept developments. These experiences led to the commercialization of the GigaPan system in collaboration with Carnegie Mellon University.
Preferential entailment
Preferential entailment is a non-monotonic logic based on selecting only models that are considered the most plausible. The plausibility of models is expressed by an ordering among models called a preference relation, hence the name preference entailment. Formally, given a propositional formula F {\displaystyle F} and an ordering over propositional models ≤ {\displaystyle \leq } , preferential entailment selects only the models of F {\displaystyle F} that are minimal according to ≤ {\displaystyle \leq } . This selection leads to a non-monotonic inference relation: F ⊨ pref G {\displaystyle F\models _{\text{pref}}G} holds if and only if all minimal models of F {\displaystyle F} according to ≤ {\displaystyle \leq } are also models of G {\displaystyle G} . Circumscription can be seen as the particular case of preferential entailment when the ordering is based on containment of the sets of variables assigned to true (in the propositional case) or containment of the extensions of predicates (in the first-order logic case).
Guideline execution engine
A guideline execution engine is a computer program which can interpret a clinical guideline represented in a computerized format and perform actions towards the user of an electronic medical record. A guideline execution engine needs to communicate with a host clinical information system. Virtual Medical Record (vMR) is one possible interface which can be used. The engine's main function is to manage instances of executed guidelines of individual patients. == Architecture == The following modules are generally needed for any engine: interface to clinical information system new guidelines loading module guideline interpreter module clinical events parser alert/recommendations dispatch == Guideline Interchange Format == The Guideline Interchange Format (GLIF) is a computer representation format for clinical guidelines. Represented guidelines can be executed using a guideline execution engine. The format has several versions as it has been improved. In 2003 GLIF3 was introduced. == Use of third party workflow engine as a guideline execution engine == Some commercial electronic health record systems use a workflow engine to execute clinical guidelines. RetroGuide and HealthFlow are examples of such an approach.
Content Threat Removal
Content Threat Removal (CTR) is a cybersecurity technology intended to defeat the threat posed by handling digital content in the cyberspace. Unlike other defenses, including antivirus software and sandboxed execution, CTR does not rely on being able to detect threats. Similar to Content Disarm and Reconstruction, CTR is designed to remove the threat without knowing whether it has done so and acts without knowing if data contains a threat or not. Detection strategies work by detecting unsafe content, and then blocking or removing that content. Content that is deemed safe is delivered to its destination. In contrast, Content Threat Removal assumes all data is hostile and delivers none of it to the destination, regardless of whether it is actually hostile. Although no data is delivered, the business information carried by the data is delivered using new data created for the purpose. == Threat == Advanced attacks continuously defeat defenses that are based on detection. These are often referred to as zero-day attacks, because as soon as they are discovered attack detection mechanisms must be updated to identify and neutralize the attack, and until they are, all systems are unprotected. These attacks succeed because attackers find new ways of evading detection. Polymorphic code can be used to evade the detection of known unsafe data and sandbox detection allows attacks to evade dynamic analysis. == Method == A Content Threat Removal defence works by intercepting data on its way to its destination. The business information carried by the data is extracted and the data is discarded. Then entirely new, clean and safe data is built to carry the information to its destination. The effect of building new data to carry the business information is that any unsafe elements of the original data are left behind and discarded. This includes executable data, macros, scripts and malformed data that trigger vulnerabilities in applications. While CTR is a form of content transformation, not all transformations provide a complete defence against the content threat. == Applicability == CTR is applicable to user-to-user traffic, such as email and chat, and machine-to-machine traffic, such as web services. Data transfers can be intercepted by in-line application layer proxies and these can transform the way information content is delivered to remove any threat. CTR works by extracting business information from data and it is not possible to extract information from executable code. This means CTR is not directly applicable to web browsing, since most web pages are code. It can, however, be applied to content that is downloaded from, and uploaded to, websites. Although most web pages cannot be transformed to render them safe, web browsing can be isolated and the remote access protocols used to reach the isolated environment can be subjected to CTR. CTR provides a solution to the problem of stegware. It naturally removes detectable steganography and eliminates symbiotic and permutation steganography through normalisation.
Radiant AI
The Radiant AI is a technology developed by Bethesda Softworks for The Elder Scrolls video games. It allows non-player characters (NPCs) to make choices and engage in behaviors more complex than in past titles. The technology was developed for The Elder Scrolls IV: Oblivion and expanded in The Elder Scrolls V: Skyrim; it is also used in Fallout 3, Fallout: New Vegas and Fallout 4, also published by Bethesda, with 3 and 4 being developed by them as well. == Technology == The Radiant AI technology, as it evolved in its iteration developed for Skyrim, comprises two parts: === Radiant AI === The Radiant AI system deals with NPC interactions and behavior. It allows non-player characters to dynamically react to and interact with the world around them. General goals, such as "Eat in this location at 2pm" are given to NPCs, and NPCs are left to determine how to achieve them. The absence of individual scripting for each character allows for the construction of a world on a much larger scale than other games had developed, and aids in the creation of what Todd Howard described as an "organic feel" for the game. === Radiant Story === The Radiant Story system deals with how the game itself reacts to the player behavior, such as the creation of new dynamic quests. Dynamically generated quests are placed by the game in locations the player hasn't visited yet and are related to earlier adventures.