WeShop Holdings Limited (WSHP.US) has seen its stock price more than double since its direct listing on Nasdaq this week. The UK-based social e-commerce platform allows consumers to earn company shares through purchases and referrals—users accumulate WePoints by placing orders or inviting new members, which can then be converted into WeShop stock.

The concept was first proposed in the early 2010s by Chairman Richard Griffiths, who aimed to transform shopping and referrals into tangible equity for users. Griffiths and fellow founders believe traditional e-commerce platforms concentrate wealth at the top, leaving little benefit for actual consumers.

WeShop plans to officially launch its app in the U.S., promising a "seamless shopping experience combined with creative ownership." In the UK, the company has partnered with major retailers including John Lewis, eBay (EBAY.US), Selfridges, ASOS, Expedia, British Airways, TEMU, and Shein, achieving over $140 million in sales during its pilot phase.

On November 14, WeShop opened at $20.02 per share. By Wednesday's close, the stock had skyrocketed 506% to $200.