Ryanair chief executive Michael O’Leary has publicly reminded billionaire entrepreneur Elon Musk that European Union regulations prohibit non-European citizens from owning or controlling a majority stake in EU-based airlines. The remark came after Musk ran a poll on his social media platform X, asking users whether he should buy Ryanair, triggering fresh attention on an ongoing public spat between the two outspoken business figures.

Speaking at a press conference in Dublin on Wednesday ahead of Ryanair’s scheduled earnings update next week, O’Leary said that while Musk’s interest had generated publicity, any potential takeover would face clear legal barriers under EU aviation rules.

“Non-European citizens cannot own a majority of European airlines,” O’Leary said, stressing that the law was unambiguous. Ryanair, which is headquartered in Ireland, is subject to EU regulations that require airlines based in the bloc to be majority-owned and effectively controlled by EU citizens, or nationals of certain approved European countries outside the Union.

Musk’s poll sparks fresh debate

South African-born Musk, who holds US and Canadian citizenship, recently posted a poll on X asking users whether he should buy Ryanair. The poll quickly went viral, drawing millions of views and fuelling speculation, despite the lack of any formal bid or approach.

Musk, who acquired X (formerly Twitter) for 44 billion dollars in 2022, has in recent days suggested that buying Ryanair could be an option. His comments followed sharp criticism of O’Leary, whom he described as “a real idiot” in a series of posts, even calling for the Ryanair CEO’s firing.

While Musk’s remarks appeared partly tongue-in-cheek, they added to a public back-and-forth between the two men, both known for provocative statements and unconventional leadership styles.

O’Leary welcomes publicity, but sets limits

O’Leary, never one to shy away from controversy, responded with a mix of legal clarity and characteristic sarcasm. While ruling out any possibility of Musk taking control of Ryanair, he said the airline would not object to Musk investing in the company as a minority shareholder.

“But if he wants to invest in Ryanair, we would think it’s a very good investment,” O’Leary said. He added that Ryanair would be “certainly a significantly better investment than the financial returns he’s earning on X”.

The Ryanair CEO also thanked Musk for the attention generated by the poll. “We want to thank him sincerely for the additional publicity,” O’Leary told reporters, noting that the exchange had once again placed the low-cost carrier in global headlines.

Ryanair is Europe’s largest airline by passenger numbers and currently has a market value of nearly 30 billion euros, or about 35 billion dollars. Any attempt to acquire a controlling stake would not only be costly but would also require compliance with strict ownership and control requirements laid down by EU law.

Starlink dispute behind the spat

The latest exchange between Musk and O’Leary has its roots in a disagreement over in-flight connectivity. Musk is the head of Starlink, a satellite internet service operated by SpaceX, which has been pitching its technology to airlines worldwide.

O’Leary, however, has repeatedly ruled out equipping Ryanair’s fleet with Starlink-powered wifi. He has argued that installing aerial antennae on aircraft would increase drag and significantly raise fuel consumption. According to O’Leary, the additional fuel costs could amount to as much as 250 million dollars a year.

He has also insisted that Ryanair’s passengers, who typically choose the airline for its ultra-low fares, would not be willing to pay extra for in-flight internet services.

These comments appear to have irritated Musk, who has publicly criticised O’Leary’s stance and management approach, escalating the disagreement into a personal and highly visible exchange on social media.

Legal realities of airline ownership

EU
aviation regulations are designed to ensure that airlines operating within the bloc remain under European control, a requirement linked to traffic rights, safety oversight and market access. Under these rules, more than 50 per cent of an airline’s ownership and effective control must rest with EU nationals.

While non-European investors can hold minority stakes, any arrangement that undermines EU control could result in an airline losing its operating licence. This legal framework has previously forced airlines to restructure shareholdings or limit foreign investment to remain compliant.

In this context, analysts say Musk’s poll is unlikely to translate into a serious takeover attempt, even if he were inclined to pursue one.

Conclusion

While Elon Musk’s poll about buying Ryanair has captured public attention and sparked debate online, EU ownership rules make any takeover by the tech billionaire virtually impossible. Michael O’Leary’s response underscores both the legal limits and Ryanair’s confidence in its business model, even as the exchange adds another chapter to a high-profile clash between two of the world’s most outspoken corporate leaders.