Donald Trump to receive Time magazine's 'Person of the Year' honour

WASHINGTON: US President-elect Donald Trump is set to be named Time magazine's "Person of the Year" on Thursday, coinciding with his scheduled appearance to ring the opening bell at the New York Stock Exchange, according to sources familiar with the developments. 

A spokesperson for Time declined to comment on the selection.

The Republican president-elect built his fortune as a New York real estate investor before turning to politics. During his first term as president, he measured his success in part by the strength of the stock market, which has so far welcomed his re-election.

The ringing of the bell signifies the start or closing of the trading day at the world’s largest stock exchange, and is considered an honour. The act has historically been reserved for company executives celebrating an initial public offering or other major corporate milestones, but celebrities and politicians like Ronald Reagan, Nelson Mandela and Arnold Schwarzenegger have also rung it.

Politico first reported the news of Trump's selection and plans.

Time bestowed the "Person of the Year" title to Trump once before, in 2016. It named Democratic President Joe Biden and Vice President Kamala Harris "Person of the Year" in 2020, after they defeated Trump. Pop star Taylor Swift received the title last year.