Wang already prepared to reduce influence on Webull. New investor on the horizon?
The drop today is painful and made me check the position and check the files. That is what came up and I think that is mega interesting and might be more than a pure conincidence:
On Sept. 30, Webull CEO/founder Anquan Wang converted 25M Class B shares into 25M Class A shares (1:1, no consideration).
class b has 20 votes and class a 1 vote. and the transaction is large. it is 1/3 of his supervote class B stocks.
Amd this was not a sale. But it reduced his super-voting position from ~83.9M to ~58.9M Class B shares while giving him a large block of ordinary Class A shares.
The timing is interesting:
Sept. 28: Webull proxy/new M&AA
Sept. 30: Wang converts 25M B → A
Oct. 2: Form 4 disclosed
Oct. 7: House China/security report hits
No evidence proves Wang knew the report was coming. But the conversion gives him significant flexibility precisely as regulatory pressure is increasing.
He could potentially use those Class A shares for a strategic transaction with a U.S. institutional investor, U.S. bank, or even a high-profile U.S. investor such as Elon Musk, while retaining his remaining Class B voting control.
Alternatively, he could sell part of his remaining Class B. Under the proposed M&AA, a transfer of Class B to a non-affiliate would convert those shares to Class A, allowing Wang to reduce his voting control without giving the buyer 20x voting rights.
That creates an interesting possible path: less Wang control → more U.S. ownership → lower regulatory/China discount → higher BULL valuation → Wang potentially protects the value of his remaining stake.
Not saying this is what Wang is planning. But the 25M conversion just one week before the current controversy is certainly worth watching.
I am holding my position.