And just like that, Elliot Management, the investor group that forced all the changes, has begun to sell their shares and exit from Southwest:
Southwest Airlines didn’t stumble into bag fees, basic economy, and paid seat assignments by accident—those changes were pushed by an activist investor demanding short‑term financial moves. Now that the damage is done and the stock has popped, that same investor is cashing out and giving up...
viewfromthewing.com
Not sure if that was the plan all along or if they decided to bail out while the getting was good.