Elon Musk has been named Person of the Year by Time magazine. Because of the growth in Tesla's (TSLA) stock price, Elon Musk garnered recognition for being the world's richest person.
Person of the Year is an annual edition of the U. S. weekly magazine and online Time that features a person, an organization, a concept, or an item that 'has done the most to impact the events of the year, for better or for worse.' Time also conducts an annual reader survey, which has no bearing on the pick, which is determined purely by the magazine's writers.
The custom of picking a 'Man of the Year' originated in 1927, when Time editors pondered the year's newsmakers. The concept was also an effort to make up for the magazine's prior embarrassment of not including aviator Charles Lindbergh on its cover after his momentous trans-Atlantic flight. By the conclusion of the year, it was agreed that a cover story showcasing Lindbergh as Man of the Year will fulfill both objectives.
