Time has officially named its 2021 Person of the Year! The magazine announced that Elon Musk – the CEO of Tesla and SpaceX, as well as the wealthiest man in the world – has received the annual honour. Time editor-in-chief and CEO Edward Felsenthal explained the decision in an editor's letter. "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." In addition to championing the electric vehicle and the privatisation of space exploration, Musk has been unloading his homes and some stock – all factors in Time's decision. "The richest man in the world does not own a house and has recently been selling off his fortune," Time wrote. "He tosses satellites into orbit and harnesses the sun; he drives a car he created that uses no gas and barely needs a driver. With a flick of his finger, the stock market soars or swoons. An army of devotees hangs on his every utterance." Each year, Time awards its annual Person of the Year title to an individual, or individuals, who were highly notable and influential over the past 12 months. The honour is selected by the magazine's editors.