Elon Musk Named Time's 2021 Person Of The Year

Elon Musk — the tech tycoon and "Technoking" at major electric vehicle manufacturer Tesla Inc. TSLA and SpaceX — has been named as Time Magazine's 2021 Person of the Year.

What Happened: Time editor-in-chief and CEO Edward Felsenthal said the "Person of the Year is a marker of influence, and few individuals have had more influence than Musk on life on Earth, and potentially life off Earth too."

Felsenthal said Musk's largest impact was Tesla, which in 2021 saw electric cars become mainstream and push the company's valuation past $1 trillion. "[I]t’s a market that Musk almost single-handedly created, seeing long before others the demand for clean-energy transportation that the world’s climate crisis would eventually propel," according to Felsenthal.

See Also: 50 Facts And Figures About Elon Musk

Musk's rise purportedly coincides with "the continuing decline of traditional institutions in favor of individuals," which sees government dysfunction handing over power and responsibility to businesses.

Musk views this change as "steering capital allocation away from the government to those who will be good stewards of it" while some view it as a symptom of capitalism’s failings.

TSLA Price Action: Tesla's stock is trading around $1,017 after seeing its price increase by 1.32% on Friday.

Photo: by Steve Jurvetson on Flickr