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(Southwest recently shared customer research showing the airline would lose $300 million annually if it charged for bags, based on the number of consumers who would stop flying Southwest.)
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.
In the first half of the year, 449 U.S. companies were subject to demands from activist investors, a 9% jump compared to the first half last year. And hedge funds are taking swings at big targets.
Activist investors are often hedge funds funded by accredited investors and institutions. In 2019, institutions were demanding more upfront explanation of the activist ideas before funding, and in some cases requiring that the funds be placed into special purpose vehicles specifically for the project. [ 25 ]
His investment approach has made him an activist investor. [6] [7] [8] As of June 2024, Ackman's net worth was estimated at $9.3 billion by Forbes. [9] Ackman is a prolific philanthropist and signatory of The Giving Pledge, committing to give away at least 50% of his wealth by the end of his life to charitable causes.
In September 2019, Elliott Management published an activist investor letter addressed to the AT&T board of directors, asserting what Elliott called "a compelling value-creation opportunity" at AT&T. Elliott stated it had accumulated $3.2 billion of AT&T stock (1.2% equity interest). [73]
Elliott Investment Management announced Monday it has taken a $1.9 billion stake in Southwest Airlines and said there needs to be new leadership at the Dallas-based carrier.
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