Story by Choi Hye-seung

Michael O’Leary, CEO of Europe’s largest low-cost airline Ryanair, dismissed Tesla CEO Elon Musk’s potential acquisition of the company as impossible under European Union regulations. The two had recently engaged in a public feud online, calling each other “fools.” In response to Musk’s suggestion that he might acquire Ryanair and replace its CEO, O’Leary held a press conference on the 21st to directly address Musk.

Ryanair CEO Michael O’Leary speaks at a press conference held in Dublin, Ireland on the 21st. /Reuters-Yonhap

According to AP News and other outlets, O’Leary stated during the press conference in Dublin, Ireland, where Ryanair’s headquarters are located, that “under EU regulations, non-European citizens cannot own more than half the shares of a European airline.” Musk, a South African-born U.S. citizen with multiple nationalities, would therefore be unable to secure a majority stake in Ryanair.

O’Leary added, “If Musk wants to invest in Ryanair, it would be a very good investment. What’s certain is that it would be a far better investment than the profits he makes from X (formerly Twitter).”

He noted that reservations had increased by 2–3% during the 5th, attributing the rise to Musk’s attention. “Our employees will visit X’s office to deliver free Ryanair flight tickets to Musk as a token of gratitude,” he said.

Ryanair plans to leverage the controversy for promotional purposes. It has already launched a ‘Special Sale for Fools,’ offering 100,000 seats at 16.99 euros (approximately 30,000 Korean won) using promotional materials featuring Musk’s caricature.

O’Leary also remarked that Musk’s insults were not offensive, as his teenage daughters at home often call him a “fool.” He added, “If it boosts Ryanair’s sales, I don’t mind being insulted all day.”

Ryanair CEO Michael O’Leary speaks at a press conference held in Dublin, Ireland on the 21st. /Reuters-Yonhap

O’Leary has served as CEO since 1994, growing Ryanair into Europe’s largest airline. The company’s market capitalization is approximately 30 billion euros (about 52 trillion Korean won). Musk, the world’s wealthiest individual, has an estimated net worth of 769 billion dollars (around 1,129 trillion Korean won).

The conflict between the two, known for provocative remarks, began when O’Leary announced Ryanair would not install Starlink, SpaceX’s satellite internet service led by Musk, on its aircraft. He cited concerns that external antennas would increase air resistance, leading to up to 250 million dollars (approximately 365 billion Korean won) in additional annual fuel costs and higher ticket prices.

Musk refuted this as “misinformation,” prompting O’Leary to appear on an Irish radio show on the 16th and call Musk “a rich fool who knows nothing about flight or drag.”

Musk retaliated on Ryanair’s official X account, writing, “Michael O’Leary needs to be fired. Make sure he sees this message.” He also asked, “How much would it cost to acquire you?” and added, “I want to appoint someone named ‘Ryan’ as Ryanair’s CEO. That’s your destiny.” Musk’s history of acquiring Twitter in 2022 after hinting at a plan in 2017 drew attention to these remarks.

Source: MSN