13D·WATCH Activist + Insider Intelligence

SCHEDULE 13D/A Filed 2026-04-03 Event 2026-04-02 Intent: STRATEGIC SEC 0000902664-26-001872 →

Elliott Investment Management L.P. → SOUTHWEST AIRLINES CO LUV

Stake: 4.90% Shares: 24,308,000 CUSIP: 844741108 Class: Common Stock, par value $1.00 per share

AI Analyst Brief conf: high

Elliott trimmed its LUV stake (from a prior higher position) to 4.9% citing 'portfolio management,' but notably softened its language to express confidence in management's execution rather than pushing new demands — suggesting the activist campaign has shifted from pressure to monitoring mode after extracting concessions (board seats, CEO change) in late 2024.

Item 4 — Purpose of Transaction

The Reporting Person reduced the economic exposure of the Elliott Funds for portfolio management purposes. The Elliott Funds remain significant shareholders of the Issuer based on the Reporting Person's confidence that the Issuer's execution of ongoing strategic initiatives will translate to greater profitability, accretive capital-allocation opportunities and shareholder value creation.

Cross-References

Insider Activity (last 365d)

0 transactions

0 buys · 0 sales · 0 awards/exercises

Issuer Cluster

1 13D/G filings on this issuer

0 other filings besides this one

Filer Track Record

1 filings by this filer

0 other filings in the data moat

Short Interest · settle 2026-03-31

DTC 2.41

20,445,702 shares short · -9.0% vs prior

Institutional Consensus · 2025-12-31

Held by elite portfolio managers

1 holder · $14.38M

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