Rohan Goswami is an associate reporter on CNBC’s technology team.
Activist hedge fund Elliott Management has amassed a $1.9 billion stake in Southwest Airlines and plans to push for leadership changes at the airline that has lagged big rivals. The stake makes Elliott one of Southwest’s largest shareholders, according to FactSet. Shares of Southwest were up 7% in premarket trading Monday. The company had a market capitalization of $16.6 billion as of Friday’s close.
The airline also faced a reckoning from a holiday meltdown at the end of 2022 that cost it more than $1 billion and forced the airline long known for good customer service to win over the flying public and make quick fixes to its internal staff scheduling software. Southwest shares are down by more than 50% from three years ago when travel demand, led by domestic trips, was starting to come back.
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