Southwest Airlines has undergone several major changes in the past twelve months. During this period, the carrier came under the influence of the heavyweight investment management firm Elliott Management, which pursued some aggressive tactics to get what it wanted. The hedge fund pressured the airline into multiple leadership changes, brought a new group of experienced industry directors onboard, and eventually began the slow process of radically transforming the airline’s business model, one which had stood the test of time up until the years following the COVID-19 pandemic.