Zohran Mamdani, NYC mayor, reacts to Elon Musk's trillionaire status following SpaceX IPO, pushing for higher taxes on the wealthy.

“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."

Surge in SpaceX's share price catapults Musk's wealth to astronomical level - but charity Oxfam calls it “a dark day for global democracy”.

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…