An activist investor, Elliot, acquired a significant stake in the company and organized a shareholder revolt about Southwest's margins. Paraphrasing their presentation on the issue [0]:

    Management Has Historically Ruled Out Industry-Standard Commercial Initiatives [like assigned seating, different seat classes, and checked bag fees]

[0] https://beatofhawaii.com/wp-content/uploads/2024/06/Stronger...

Amazing. Absolute douchebag investors that ruin everything.