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With Elon Musk’s SpaceX set to go public on Friday, the world’s richest man could soon become the first-ever trillionaire — an achievement that one leading humanitarian group called “a new pinnacle of oligarchy and a dark day for democracy.”

Whether Musk reaches trillionaire status in the coming days will depend on the success of SpaceX’s initial public offering (IPO), which critics warn is a potentially massive threat to market stability and Americans’ retirement savings. The company plans to sell 555,555,555 shares at a price of $135 each, aiming for a staggering $1.75 trillion valuation. Musk, who is the company’s board chair and owns 42% of its common stock along with options, will see his net worth skyrocket if SpaceX achieves its IPO targets.

Oxfam America noted in an analysis released Thursday that a $1 trillion net worth would mean that it would take Musk 2,740 years to spend $1 trillion if he spent $1 million per day. The group estimated that a 10% tax on $1 trillion “could end global extreme poverty for a year, lifting over 800 million people above the extreme poverty line.”

Nabil Ahmed, senior director of economic justice at Oxfam America, said in a statement........

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