Southwest Airlines director and IndiGo cofounder Rakesh Gangwal purchased approximately 3.6 million shares in Southwest, the airline revealed in a stock filing on October 2, 2024. The total shares are valued at over $100 million.
Gangwal purchased the shares on September 30 and October 1 at between $29 and $30 per share, according to the various filings published by Southwest.
The director was appointed to the board in July along with Bob Fornaro in September and Lisa Atherton in May. "These moves reaffirm Southwest's commitment to bringing fresh perspectives and industry expertise to our boardroom as the Board provides oversight of our plan execution," said Southwest CEO Bob Jordan.
It comes as Southwest detailed its recovery plan as it continues to fend off against activist investor Elliott Investment Management. The two have shared a strenuous relationship with little signs of an amicable resolution.