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An activist investor says Southwest Airlines is stuck in the past. Elliott Investment Management says it has amassed a $1.9 billion stake, making it one of Southwest’s biggest shareholders and one of its most vocal critics. WSJ’s Alison Sider explains what Elliott wants, and why critics say some of the things that made Southwest great are now holding it back. Further Reading: - Southwest Changed Flying. Now It Can’t Change Fast Enough - Meet the Southwest Superfans Who Don’t Want the Airline to Change Further Listening: - Ryanair: Cheap, Cramped and Making Its CEO a Fortune - The Love Triangle Over Spirit Airlines Learn more about your ad choices. Visit megaphone.fm/adchoices