Tesla Inc and SpaceX CEO ElonMuskhas been named the Person of the Year by The Financial Times, two days after Time magazine bestowed on him the same title.
What Happened:FT editor Roula Khalaf saidMusk has revolutionized an industry that was skeptical about Tesla’s electric vehicles and he is starting to do the same thing in space exploration.
Khalaf said Musk is a “standout figure” amid a lineup of public figures. “For all the eccentric and provocative tweets that strike some as childish, he is one of the most transformational business figures of the era,” Khalaf wrote, explaining why Musk was chosen the Person of the Year for 2021.
Khalaf said the global auto industry is now unveiling a series of new multibillion-dollar investments to switch to electric vehicles, partly due to government and consumer pressure, but most importantly because they are all trying to catch up with Tesla.
Khalaf added that Tesla has risen despite years of doubts from rivals and predictions of imminent collapse.
Why It Matters:The two back-to-back recognitions for Musk come amid Tesla stock joining the $1 trillion market cap after shares rose on the back of record third-quarter deliveries and a large order from a rental company.
Musk-owned SpaceX has made new inroads including flying an all-civilian crew to space for three days and successfully ferrying astronauts to the International Space Station and back.
Musk, who dreams of colonizing Mars, has also been developing a reusable rocket that he says could deliver 1,000 times more payload than all rockets on earth combined.
Price Action:Tesla shares are up 31.3% so far this year. The stock closed 0.82% lower at $958.51 a share on Tuesday.