Tesla CEO Elon Musk has been named Time Magazine’s “Person of the Year” for 2021 for some remarkable accomplishments and contributions to the cause of humanity in general.

In 2021, his electric car company Tesla had a market value that rose to more than $1 trillion.

Edward Felsenthal, editor-in-chief of Time Magazine, explained why Elon Musk deserves the award: “For creating solutions to an existential crisis, for embodying the possibilities and the perils of the age of tech titans, for driving society’s most daring and disruptive transformations, Elon Musk is TIME’s 2021 Person of the Year. Even Elon Musk’s spacefaring adventures are a direct line from the very first Person of the Year, Charles Lindbergh, whom the editors selected in 1927 to commemorate his historic first solo transatlantic airplane flight over the Atlantic.”

In addition to his electric car company Tesla, Elon Musk is also the founder and CEO of SpaceX, brain-chip startup Neuralink, and infrastructure company The Boring Company. Throughout the year, Elon Musk has been significant, as his contributions to various topics such as cryptocurrencies and meme shares have triggered significant price movements.