Elliott Takes Stake in Southwest Airlines

TL;DR

**Elliott Management is now a major shareholder in Southwest Airlines and wants to talk strategy.**

AI Summary

Elliott Investment Management L.P. has disclosed a significant stake in Southwest Airlines Co. as of August 5, 2024. The filing indicates Elliott's intention to engage with Southwest's management regarding the company's strategic direction and operational performance. This move suggests a potential push for changes within the airline.

Why It Matters

Activist investor Elliott Management's involvement signals potential pressure on Southwest Airlines' leadership to improve performance or alter strategic direction, which could impact the company's stock price and operational decisions.

Risk Assessment

Risk Level: medium — Activist investor involvement can lead to significant corporate changes and volatility.

Key Players & Entities

• Southwest Airlines Co. (company) — Subject Company
• Elliott Investment Management L.P. (company) — Filing Person
• Eleazer Klein, Esq. (person) — Legal Counsel
• Adriana Schwartz, Esq. (person) — Legal Counsel
• 212-974-6000 (dollar_amount) — Business Phone

FAQ

From the Filing

0000902664-24-004970.txt : 20240805 0000902664-24-004970.hdr.sgml : 20240805 20240805174302 ACCESSION NUMBER: 0000902664-24-004970 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 59 FILED AS OF DATE: 20240805 DATE AS OF CHANGE: 20240805 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: SOUTHWEST AIRLINES CO CENTRAL INDEX KEY: 0000092380 STANDARD INDUSTRIAL CLASSIFICATION: AIR TRANSPORTATION, SCHEDULED [4512] ORGANIZATION NAME: 01 Energy & Transportation IRS NUMBER: 741563240 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-33255 FILM NUMBER: 241176266 BUSINESS ADDRESS: STREET 1: 2702 LOVE FIELD DR STREET 2: P O BOX 36611 CITY: DALLAS STATE: TX ZIP: 75235 BUSINESS PHONE: 2147924000 MAIL ADDRESS: STREET 1: PO BOX 36611 CITY: DALLAS STATE: TX ZIP: 75235-1611 FORMER COMPANY: FORMER CONFORMED NAME: AIR SOUTHWEST CO DATE OF NAME CHANGE: 19760108 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Elliott Investment Management L.P. CENTRAL INDEX KEY: 0001791786 ORGANIZATION NAME: IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 360 S. ROSEMARY AVE, 18TH FLOOR CITY: WEST PALM BEACH STATE: FL ZIP: 33401 BUSINESS PHONE: 212-974-6000 MAIL ADDRESS: STREET 1: 360 S. ROSEMARY AVE, 18TH FLOOR CITY: WEST PALM BEACH STATE: FL ZIP: 33401 SC 13D 1 p24-2469sc13d.htm SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 Southwest Airlines Co. (Name of Issuer) Common Stock, par value $1.00 per share (Title of Class of Securities) 844741108 (CUSIP Number) Elliott Investment Management, L.P. 360 S. Rosemary Ave, 18th Floor West Palm Beach, FL 33401 with a copy to: Eleazer Klein, Esq. Adriana Schwartz, Esq. Schulte Roth & Zabel LLP 919 Third Avenue New York, New York 10022 (212) 756-2000 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) July 29 , 2024 (Date of Event Which Requires Filing of This Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the following box. ¨ (Page 1 of 8 Pages) ______________________________ * The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (the “ Act ”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). CUSIP No. 844741108 Schedule 13D Page 2 of 8 Pages 1 NAME OF REPORTING PERSON Elliott Investment Management L.P. 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ¨ (b) ¨ 3 SEC USE ONLY 4 SOURCE OF FUNDS OO 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ¨ 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: 7 SOLE VOTING POWER 41,948,500 (1) 8 SHARED VOTING POWER -0- 9 SOLE DISPOSITIVE POWER 41,948,500 (1) 10 SHARED DISPOSITIVE POWER -0- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON 41,948,500 (1) 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.0 % 14 TYPE OF REPORTING PERSON PN, IA (1) Includes 18,648,500 shares of Common Stock underlying the Physical Derivative Agreements (as defined in Item 6 of this Schedule 13D). CUSIP No. 844741108 Schedule 13D Page 3