09:27 AM EDT, 09/03/2024 (MT Newswires) -- (Updates with Southwest Airlines' ( LUV ) comments in fifth paragraph.)

Elliott Investment Management now holds 10% of Southwest Airlines' ( LUV ) common stock, enough for it to call a special shareholder meeting, Reuters reported Tuesday, citing a person familiar with the matter.

Elliott holds an 11% economic interest through its managed funds and converted some of those holdings to reach the 10% requirement, the report said.

Elliott did not immediately respond to MT Newswires' request for comment.

Elliott said last week that it plans to meet with Southwest ( LUV ) on Sept. 9 to discuss ways to address the carrier's deteriorating stock price, which had lost half its value over the last three years. The hedge fund had repeatedly called for leadership changes at the carrier, particularly with Chief Executive Bob Jordan and Chairman Gary Kelly.

"We remain prepared to meet with Elliott next week and look forward to sharing details on our continued transformation at our Investor Day on Sept. 26," a Southwest ( LUV ) spokesperson told MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 29.44, Change: +0.52, Percent Change: +1.80