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Elliott Acquires 10% Stake in Southwest Airlines ($LUV), Stock Rises 2.4% in Premarket

Sep 3, 2024, 11:17 AM

Elliott Investment Management has increased its stake in Southwest Airlines to 10%, crossing the threshold required to call a special shareholder meeting. This move positions the hedge fund to potentially influence company decisions. The increased stake has led to a 2.4% rise in Southwest Airlines' stock in premarket trading. Elliott is reportedly demanding the ousting of CEO Robert Jordan and Executive Chairman Gary Kelly, and plans to nominate 10 new directors. The special meeting is set to take place just days before a scheduled September 9 meeting where both sides will discuss addressing the issues that have led to this development. The stock ticker for Southwest Airlines is $LUV.