Paul Singer's activist firm, Elliott Management, reduced its stake in Southwest Airlines by 19.9% during the second quarter of 2026, lowering its holdings from 30.35 million to 24.31 million shares. This trade information was disclosed in a quarterly 13F filing with the SEC, which is released with a delay and reflects the firm's position as of June 30, 2026.
The sale continues a trend of Elliott trimming its investment in the airline throughout 2026 after its successful activist campaign prompted major strategic shifts at Southwest, including new seating and baggage fee policies. [1, 3, 7] The reduction follows a strong quarter for the airline, which reported record operating revenues. [2, 5, 10] Market observers suggest the continued selling may indicate that activist pressure on the company is easing. [6]