The award goes to an event or person deemed to have had the most influence on global events over the past year. Swift is the first person to win the title purely for her "success as an artist," but her win shouldn't come as a huge shock, as she has had a record-breaking year.

Her Eras Tour saw unprecedented demand and stands as the second-highest-grossing tour of all time after Sir Elton John's Farewell Yellow Brick Road Tour with an estimated gross of $906 million to date.

Her album 1989 (Taylor's Version), sold 580,000 copies on vinyl between October 27 and November 1. According to Billboard, it was the fastest-selling vinyl record ever since the stat was first tracked in 1991.

In just its first weekend of release, Taylor Swift: The Eras Tour became the highest-grossing domestic concert film ever. It made $92 million in its opening weekend and since its October 13 release, the movie has made more than $200 million globally.

This year's Time magazine's shortlist included Hollywood strikers, Xi Jinping, Barbie and Musk, who was given the title back in 2021. Now he's offering advice to the pop superstar after his own experience, warning that her popularity may fade.

Newsweek reached out to Musk and Swift for comment via email Thursday.

On Thursday, the billionaire took to X, formerly Twitter, to congratulate Swift in a series of tweets.

"Congrats," he posted. In another tweet, he added: "Some risk of popularity decline after this award. I speak from experience lol."