Elon Musk's trillion-dollar valuation marks a new era in capitalism. This unprecedented wealth reflects a changing dynamic between technology and power. Private entities now wield influence once held by nations. Markets are valuing future possibilities over present products. Societies face the challenge of governing this new scale of economic power as institutions struggle to keep pace with rapid technological change.

It took more than a century to go from first millionaire to first billionaire, and another century to hit $200 billion. Now the world is waiting for its first trillionaire.

“The new Gilded Age won’t end itself," said Oxfam America. "This is a trillion-dollar alarm bell that should wake governments up to the need to take action."

At a time when concerns about inequality are high and public attitudes toward the ultra-wealthy have soured, Musk has managed to retain a loyal following despite his…