The richest man on Earth has now been named "Person of the Year."

TIME Magazine has announced its 2021 Person of the Year—and it's none other than Tesla CEO and SpaceX founder Elon Musk.

Editor-in-Chief at TIME Edward Felsenthal explains his decision to pick the richest man on Earth as the year's most influential person:

"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. In 2021, Musk emerged not just as the world's richest person but also as perhaps the richest example of a massive shift in our society."

Musk, 50, has been a busy man in 2021! He became the first person ever to be worth more than $300 billion. Tesla turned into a trillion-dollar company over the last year. Musk's SpaceX launched an all-civilian crew into space.

"We don't yet know how fully Tesla, SpaceX and the ventures Musk has yet to think up will change our lives," Felsenthal wrote. "At 50, he has plenty of time to write the future, his own and ours. Like it or not, we are now in Musk's world."

Read the full Person of the Year article fromTIME.

In addition, Simone Biles has been named Athlete of the Year, while Olivia Rodrigo was named Entertainer of the Year.

What do you think of Elon Musk being named Person of the Year for 2021? Share your thoughts with us in the comments below.

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