Southwest Airlines board member Rakesh Gangwal, co-founder of India's InterGlobe Aviation, purchased 3.6 million shares of the company's stock on October 3, 2024. The investment is valued at approximately $108 million, demonstrating significant insider confidence.
Gangwal publicly stated that further leadership changes 'would be counterproductive and not in the best interest of shareholders,' signaling his support for the current management team. This purchase comes amidst ongoing pressure from activist investor Elliott Investment Management.
The substantial investment by a key board member provides a vote of confidence in Southwest's recently announced transformational plan and its ability to restore profitability.
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