May 2025 144 Market Report
Aggregate 144 Market Volume
In line with prior years, Form 144 selling in May 2025 rebounded off the usual April low, with the total reported value and number of shares filed both surging over 500% from the prior month. These increases are driven by a rise in the value (823%), number of shares (700%), and filings of non-10b5-1 filings (284%). However, April’s Form 144 activity was particularly low this year due in part to market volatility surrounding US tariffs in conjunction with the pre-earning blackout periods. May’s selling represents a 23% increase in value from May 2024, yet the number of filings actually declined 7% in the same period; this increase in value sold may be due to delayed selling by insiders following April’s market uncertainty.
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Top 5 Brokers for May 2025
This May, Morgan Stanley claimed the top spot for value brokered, up from its second place finish in April. Morgan Stanley also took first for number of filings and second for shares brokered. JP Morgan placed second this month, with Goldman rising through the ranks from its position in sixth in April to take third this May. Citigroup ranked fourth for value and first for shares, due in part to their role in brokering multiple of last month’s largest filings (see next page). Once again, Fidelity rounds out the month’s Top 5 Brokers.
Top 144 Filers of May 2025
| Filer | Company | Broker | Value(M) | Shares(M) |
| Liberty Media Corp | Live Nation Entertainment - [LYV] | Morgan Stanley | $1,470.8 | 10.49 |
| Ernest C. Garcia II | Carvana Co - [CVNA] | Citigroup, JP Morgan | $1,232.3 | 4.50* |
| Walton Family Holdings Trust | Walmart - [WMT] | Goldman Sachs | $1,178.9 | 12.00 |
*Pursuant to Rule 10b5-1