O’Leary dismisses Musk takeover talk, citing EU ownership rules as feud escalates

Ryanair CEO Michael O’Leary has publicly reminded Elon Musk that European regulations prohibit non-Europeans from taking control of an EU-based airline, responding to the billionaire’s social media poll suggesting a possible takeover of Ryanair. Under EU rules, airlines must be majority-owned and controlled by EU nationals, which would prevent Musk—who holds South African, Canadian, and US citizenship—from acquiring a controlling stake.

While stressing that Ryanair is a listed company open to investment, O’Leary said Musk could not legally own a majority share. He nonetheless provocatively suggested that Ryanair would be a better investment than X, the social media platform Musk acquired in 2022.

The exchange follows a public spat triggered by Ryanair’s decision to reject SpaceX’s Starlink system for onboard Wi-Fi, citing annual costs of $150–250 million and concerns over fuel penalties caused by antenna drag. The dispute quickly turned personal, with both men trading insults online and Musk floating the idea of buying Ryanair in a post that drew widespread attention.

O’Leary said the controversy has had a tangible commercial impact, claiming Ryanair bookings have risen by 2–3% over the past five days due to the publicity. Ryanair, Europe’s largest airline by passenger numbers, is currently valued at close to €30 billion—well below the $44 billion Musk paid for Twitter, now X, but firmly out of reach for any non-European takeover under current EU law.