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Elliott takes $1.9 billion stake in Southwest Airlines, seeks to oust CEO and chair

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The stake makes Elliott one of Southwest’s largest shareholders. Shares of Southwest were up 7% in premarket trading Monday.

Activist Elliott Management has a $1.9 billion stake in Southwest Airlines and plans to push for leadership changes at the struggling company.A Southwest Airlines jet comes in for a landing at Laguardia Airport in New York City, New York, U.S., January 11, 2023.The stake makes Elliott one of Southwest’s largest shareholders, according to FactSet. Shares of Southwest were up 7% in premarket trading Monday.

The airline's leaders are now looking for new ways to drum up revenue to better compete with rivals that offer travelers more perks and products.

Southwest shares are down by more than 50% from three years ago when travel demand, led by domestic trips, was starting to come back. In contrast,

 

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