Elon Musk is Time magazine's 'Person of the Year' for 2021

Elon Musk, who is also the founder and CEO space exploration company SpaceX, recently passed Amazon founder Jeff Bezos as the world's wealthiest person.

Calling him a "clown, genius, edgelord, visionary, industrialist, showman," Time magazine has named Tesla CEO Elon Musk as its Person of the Year for 2021.

Musk, who is also the founder and CEO space exploration company SpaceX, recently passed Amazon founder Jeff Bezos as the world's wealthiest person as the rising price of Tesla pushing his net worth to around USD300 billion. He owns about 17per cent of Tesla's stock, which sold for almost USD1,000 each on Monday.

Time cited the breadth of Musk's endeavours, from his founding of SpaceX in 2002, to his hand in the creation of the alternative energy company SolarCity in addition to Tesla, the most valuable car company in the world.