Shares of Southwest Airlines (LUV) gained Tuesday on confirmation that 澳洲幸运5官方开奖结果体彩网:hedge fund Elliott Investment Management now♑ holds a sufficient stake in the airline to call a special meeting as it seeks 🌞to shake up the company.

In a regulatory filing Tuesday, Elliott disclosed that it now owns more than 61 million shares of Southwest, putting it over the 10% threshold needed to demand a special meeting.

The news came after the hedge fund announced Aug. 13 that it intended to 澳洲幸运5官方开奖结果体彩网:nominate 10 members to th꧒e board as part of its effort to improve Southwest's stock price. Elliott said at that time that it held a roughly 11ℱ% stake in the airline.

Elliott argued then that the current board "has delivered poor returns for shareholders and has not held management accountable for Southwest's unacceptable performance, or a new Board that brings relevant expertise, fresh thinking and accountability." It said "urgent changes" were needed at the airline.

Southwest Executives Criticized by Elliott

Elliott followed that up about two weeks later with an open letter to shareholders spelling out its "framework for change." The letter blasted 澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Bob Jordan and former CEO and current Execu🍒tive Chair Gary Kelly for their failure to addre𝕴ss the needs of the company.

The letter noted that the hedge fund would be holding meetings with representatives of 🔯Southwest on Sept. 9, and it hopes to win over members of the board who agree with its position.

For its part, 澳洲幸运5官方开奖结果体彩网:Southwest reacted to Elliott's efforts by adopting a one-year "澳洲幸运5官方开奖结果体彩网:poison pill" defense earlier this summer, and has complained that the activist investor made no effort to engage management about constructive changes.

Southwest Airlines shares were essentially flat year-to-date through Friday's close before advancing 1.3% Tuesday afternoon to $29.29.