From my understanding when an object is spinning its inertial mass increases. By Einstein's equivalence principle if the inertial mass increases then also the gravitational mass increases. I have looked this up and this seems to be confirmed in neutron stars in the following paper(even though I don't understand most of the math) https://arxiv.org/abs/1003.5015. I wanted to ask if there is an angular velocity at which any sphere of mass M and radius R would turn into a black hole. Kind of an equivalent to the Schwarzschild radius but for angular velocity.
I tried giving it a go starting with:
$$ c^2 =\frac{2G}{r}*\frac{M_0}{\sqrt{1-\frac{v^2}{c^2}}}$$
then by substituting
$$v=\omega*r$$
I got that the angular velocity for a sphere of mass M with rest mass $M_0$ and radius R to turn into a black hole is:
$$\omega=\frac{c}{R}\sqrt{1-\frac{4G^2M_0^2}{R^2c^4}}$$
Is this formula true in any way? Is it even possible for a sphere to rotate quickly enough for it to become a black hole?