For decades Southwest Airlines was the financial envy of the airline industry.

I mean Southwest was incredibly successful. That's our colleague

Allison Cider. She covers airlines. I mean airline industry is like really boom

and bust and most of these airlines that we know today are the result of you know several

mergers and trips through bankruptcy and it became so common that you know Herb Keller,

the co-founder of Southwest Airlines, I refer to bankruptcy court as a health spot for airlines.

And Southwest has never filed for bankruptcy.

Up until the pandemic, they had 47 straight years of consecutive profits I mean that's just

unheard of in the airline industry. But these days even as Americans are returning

to travel in droves. Southwest is struggling.

It's very unusual for Southwest to be doing badly

when some other airlines are doing well.

I mean, that's kind of just the opposite of how things normally go. And that's very unusual for

Southwest and really frustrating for Southwest investors and some of them are

getting pretty vocal about it.

One big investor is getting particularly vocal.

Elliot Investment Management.

Elliot bought up a giant stake in Southwest and is pushing for change. They're very formidable.

I think they're known for kind of going in with big plans

and finding a way to win.

They're patient and they're willing to wait and they're serious.

So it's not something Southwest can just shrug off.

...