Webull CEO Anthony Denier told The Washington City Times on Friday that the brokerage app has seen an increase in activity since the last round of stimulus checks sent to Americans.
“We’ve certainly seen an increase in deposits,” said Denier in an interview on “Closing Bell”.
“There is certainly a pretty substantial increase in the amount of activity we’ve seen throughout this entire stimulus download over the past week and a half,” he said.
The Internal Revenue Service started processing the direct payments a week ago and tens of millions of people have already received the money.
According to data, some money from past rounds of pandemic stimulus controls has entered the stock market. Many suggested a similar occurrence would occur with the latest batch, which was part of a $ 1.9 trillion aid package signed into law by President Joe Biden earlier this month.
In this photo illustration, the Webull Financial logo is displayed on a smartphone screen.
Rafael Henrique | SOPA images | LightRocket | Getty images
The Covid waiver bill advocated by the Democrats passed through both chambers of Congress without Republican backing. Many GOP lawmakers argued that the legislation was too costly and broad, saying any additional help at this stage of the pandemic should be more focused on the Americans and businesses most in need.
Denier’s comments Friday provide insight into how some stimulus check recipients may be using the money. However, the executive warned that it is too early to say how the increase in deposits will affect the stock market.
“It remains to be seen how that kind of plays out, but it has certainly turned the tide for all the ships in the brokerage business. Absolutely,” he said.