Elon Musk becomes the world's first trillionaiare

Elon Musk becomes the world's first trillionaire after shares of his rocket company.

SpaceX soared in Wall Street's biggest initial public offering of stock on Friday. Shares in SpaceX jumped more than 19 percent opening at $150 a share at noon Friday, then rose to around $168 before finishing the day just above $161 - a sign that investors are looking past the billions the company

is losing and instead betting that its massive investments in satellites, orbital

data centres and artificial intelligence will pay off in the future.

Musk is even aiming at establishing a colony of people on Mars.

Reporter BERNARD CONDON The Associated Press said "The world's richest man just became its first trillionaire. Elon Musk took his rocket company, SpaceX, public on Friday in the biggest initial public offering in history. He raised $75 billion, that's more than double the previous record holder. The stock shot up 24% soon after it began trading in the afternoon, nudging Musk who was already fantastically wealthy over the trillion dollar mark."

Wall Street maybe happy with the stock price but not everybody is onboard, with some believing the price is massively inflated.

Condon said, "Wall Street banks are enthusiastic about the stock. They helped take the company public and they're going to make big fees for doing so, so it's understandable. More independent outfits like Morningstar research firm

is a little less enthusiastic. They think the stock as currently valued at the IPO price is more than double what it's really worth."

Sharp criticism has come too from politicians and members of the public who see Musk as a symbol of rising global inequity. Musk's company is valued at more than 2 trillion US dollars Senator Elizabeth Warren wrote on X.

"We are living in a time when more and more people are just hanging on by their fingernails to survive in this economy. Today's market should be a wake up call."

Put in perspective, Musk's personal wealth now exceeds Poland's entire GDP. Musk's message Friday however, was to sell SpaceX as a way for everyday people to experience space travel, "We want to take you there, " he says, "not just a few astronauts."