Could Elon Musk Buy Ryanair? Starlink Feud Reveals Airline’s $35 Billion Value.

The commercial aviation world is watching a viral online feud between Elon Musk and Ryanair CEO Michael O’Leary. The public argument over Starlink Wi-Fi aviation has led to Musk speculating about a potential takeover of the massive European low-cost airline. The exchange has drawn significant attention to the Ryanair market valuation and its ownership structure.

The Starlink Wi-Fi Feud

The public spat began on Wednesday, January 14, after Michael O’Leary ruled out installing Starlink internet on Ryanair’s large fleet. Ryanair operates over 600 aircraft, primarily Boeing 737 models. O’Leary cited concerns about fuel efficiency, stating the Starlink antenna would create drag.

He estimated the equipment would cause a 2% fuel penalty and increase costs by up to $250 million each year. O'Leary suggested passengers would not pay for Wi-Fi on an average one-hour flight.

Musk quickly pushed back against the CEO’s claims. He called O’Leary “misinformed” and an “utter idiot” who should be fired. Starlink engineers argued the fuel penalty for their equipment is closer to 0.3%. Musk also argued that in-flight connectivity is now an expectation for air travelers.

Takeover Speculation and Ryanair’s Valuation

The feud escalated into a public challenge. After a follower suggested Musk should buy Ryanair and fire O’Leary, Musk replied, “Good idea.” He then directly asked the airline, “How much would it cost to buy you?”

This exchange put a spotlight on the Ryanair market valuation. The airline is a publicly traded airline owned by a wide array of institutional and retail investors. As of mid-January 2026, Ryanair’s valuation is roughly $34.8 billion to $36.3 billion.

• The company's net assets were reported at approximately €9 billion in March 2025.
• Total equity stood at about €7.6 billion in 2024.

While O’Leary is the largest individual shareholder, the airline’s ownership is highly dispersed. Analysts noted that a takeover premium of 50% could push the purchase price to about $53 billion. This price would still represent a small fraction of Musk’s total estimated net worth.

Impact on European Low-Cost Aviation

This viral exchange highlights a key challenge in the European low-cost airline sector: the in-flight connectivity debate. Ryanair, Europe’s largest low-cost carrier, built its success on strict cost control and operational efficiency. The airline's fleet, which includes the fuel-efficient Boeing 737 8-200 “Gamechanger” variant, is optimized for low-cost, short-haul routes.

The core conflict is cost versus customer expectation.

• Ryanair's Position: The airline believes the added weight and drag of satellite antennas, even if small, represent a significant cost risk over a large fleet. This cost is hard to justify for short flights.
• Musk's Position: He argues that high-speed internet is rapidly becoming a standard necessity, not a luxury. He warns that airlines without it risk losing customers.

Regardless of whether an Elon Musk Ryanair purchase ever materializes, the public debate forces the industry to confront the economics of onboard Wi-Fi. It also underscores the competitive landscape for satellite internet providers like Starlink (owned by SpaceX) in the commercial aviation sector. The airline's stock is publicly traded on the Dublin and NASDAQ exchanges, making any takeover a complex, multi-billion-dollar endeavor.

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