Elon Musk achieved a historic milestone on Friday, becoming the world's first trillionaire as shares in his SpaceX rocket company surged during its largest-ever stock market debut. The valuation cements his position as the wealthiest individual globally, with his total net worth estimated at $1.11 trillion (£828 billion) by the Bloomberg rich list.

SpaceX, a company involved in rockets, telecommunications, and artificial intelligence, listed on the Nasdaq stock exchange with an initial valuation of $2.2 trillion. The company announced its shares would be offered at $135 each, but trading opened at $150 and climbed to a high of $176.50, reflecting strong investor interest in space-related ventures and companies associated with Musk.

The rocket company's shares concluded trading on Friday at approximately $161. The initial public offering (IPO) successfully raised $75 billion from investors and underwriters before the company's shares became available on the open market. Musk's substantial 42% ownership stake in SpaceX grants him extensive control over the company's operations and financial decisions.

According to Bloomberg's figures, Musk's shares in SpaceX were valued at $767.1 billion at the close of trading, with an additional $53.8 billion in SpaceX options. His holdings also include $168 billion in Tesla shares and $116.4 billion in Tesla options, further contributing to his immense wealth.

The unprecedented increase in Musk's wealth has ignited discussions about wealth inequality. His net worth now rivals the entire economic output of countries like Poland or Switzerland. This level of wealth has positioned Musk as a significant and often polarizing figure in international politics.

Musk has previously made substantial political contributions, including hundreds of millions of dollars to the re-election campaign of former US President Donald Trump. During his tenure leading the "Department for Government Efficiency" (Doge) for several months last year, Musk implemented significant government spending cuts, leading to the closure of the U.S. Agency for International Development (USAID).

Researchers, in a warning published in The Lancet medical journal, projected that such austerity measures could result in over 14 million additional deaths by 2030. Musk has also been critical of leadership in the UK and other nations, frequently addressing topics such as immigration and the promotion of racial divisions.

Musk has had notable disagreements with various political figures, including UK Prime Minister Sir Keir Starmer, particularly concerning policy matters. The significant financial success of SpaceX's IPO and Musk's resulting trillion-dollar net worth are likely to intensify these ongoing debates about economic disparities and the influence of ultra-wealthy individuals.