SAN FRANCISCO (KRON) — Elon Musk has been named Time magazine’s 2021 Person of the Year.

According to Time, the Tesla and SpaceX mogul was chosen for his “dreams of Mars as he bestrides Earth, square-jawed and indomitable.”

Musk is the richest person on the planet, according to Forbes, with an estimated net worth of $265.4 billion.

“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.”

Time’s Person of the Year is named by the magazine’s editors at the end of each calendar year and first began in 1927.

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Last year, President Joe Biden and Vice President Kamala Harris were jointly named Person of the Year.