More like 1/50th the cost. A Falcon 9 launch sells for a range of $50M to $90M depending upon extras/expend ability, but a reusable launch likely costs less than $30M.
Total cost of Space Shuttle program (in 2000 cost mind you) was $200B for 134 launches, or $1.5B each.
And an expendable Falcon launch actually can put nearly as much payload into LEO by weight as the Shuttle, and costs around $45M (priced $63M).
