According to TIME, someone becomes “Person of the Year” when they affect the news and life in a positive or negative way.

Elon Musk,   founder of   SpaceX   and   Tesla, was named “Person of the Year” by TIME   magazine    . In 2021, his electric car company became the most valuable in the world, reaching the milestone of being valued at $1 billion.

The billionaire also heads   Neuralink   , a company seeking to implant chips in human brains by 2022, and infrastructure and miscellaneous products firm   The Boring Company.

“For creating solutions to an existential crisis, for embodying the possibilities and dangers of the age of the tech titans, for driving the boldest and most disruptive transformations in society, Elon Musk is  TIME ’s 2021 Person of the Year   ,” the magazine’s editor-in-chief Edward Felsenthal said, as reported by   Reuters   .