Elon Musk becomes world's first trillionaire as SpaceX soars in stock market debut

Elon Musk on Friday became the world's first trillionaire after shares in his SpaceX rocket company soared during the biggest-ever stock market debut.

The Tesla and SpaceX founder comfortably cemented his status as the world's richest man, with his total net worth standing at just over $1tn (£750bn).

It came as his artificial intelligence (AI) and reusable rocket company listed on the Nasdaq stock exchange in New York with a value of $2.2tn.

The company said its shares would be offered at $135 each, but trading opened at $150 and briefly reached $176.50 in a sign of the enthusiasm over space, AI and companies associated with Musk.

SpaceX shares closed on Friday at $160.95. The initial public offering (IPO) raised $75bn from investors that will be used to fund SpaceX's investments in AI and reusable rocket technology.

Musk's 42% ownership stake in the company ended the day worth around $884bn, with his 12% stake in Tesla worth another $183bn.

Musk's status as the world's first trillionaire immediately sparked debate about wealth inequality. The stock market listing leaves him with a net worth similar to the entire economic output of Poland or Switzerland.

Left wing US senators Bernie Sanders and Elizabeth Warren were among a slew of politicians to condemn the milestone. Warren said it should be a "wake up call" and argued it underlines the need for wealth taxes.