Companies and their largest investors are selling shares at a pace not seen in years as stock prices rebound.
Since the end of April, companies and private-equity firms have sold more than $24 billion worth of stock in so-called follow-on sales, according to Dealogic. More than $17 billion changed hands in May alone, well above the $6.9 billion monthly average last year. The sales were done at smaller discounts than usual, on average, reflecting a robust market.
The S&P 500 entered a new bull market last week, closing 20% above its October low as a handful of big technology stocks rallied, after the index took a beating since last year on inflation and other worries.
Read the full story on The Wall Street Journal here.