Elon Musk named TIME magazine's 2021 'Person of the Year'
Tesla and SpaceX CEO Elon Musk has been named TIME magazine's 'Person of the Year' for 2021. "Person of the Year is a marker of influence," TIME editor-in-chief and CEO Edward Felsenthal said in a statement. Musk was not the world's richest person but also the richest example of a massive shift in society, Felsenthal added.
Why does it matter?
The TIME Magazine's Person of the Year is a prestigious annual issue dedicated to the person who has done the most to influence the events of that year. Musk receives this honor after his electric car manufacturer, Tesla, became the world's most valuable carmaker last year. Consequently, his net worth increased significantly, making him the world's richest person.
Why was Elon Musk chosen?
Musk received the honor 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," said Felsenthal.
What were Musk's achievements in 2021?
In May, NASA awarded Musk's rocket business SpaceX an exclusive contract to put American astronauts on the moon in a first since 1972. This put him ahead of Boeing, a rival old-guard rocket company. In October, auto rental business Hertz announced plans to buy 1,00,000 Teslas for its clients. After this, the company's value soared beyond $1 trillion.
Wanted to set an example with Tesla: Musk
"Our intent with Tesla was always that we would serve as an example to the car industry, and hope that they also make electric cars so that we can accelerate the transition to sustainable energy," said Musk after the announcement of his recognition.
Tesla sales shot up this year
Tesla is the world's largest electric car manufacture with primary markets in the United States, China, and Europe. It sold 6,27,350 units in the first nine months of 2021—16% higher than all-year deliveries in 2020. It also intends to enter the India market in the near future. Tesla's meteoric success has influenced other legacy carmakers to shift focus and start manufacturing to electric vehicles.
Tesla dominating two-thirds of US EV market
Electric vehicles accounted for just 0.43% of all vehicles on the road in the United States in the first half of 2021, according to Experian Automotive. However, Tesla dominated two-thirds of that market.