"For marshaling a comeback of historic proportions, for driving a once-in-a-generation political realignment, for reshaping the American presidency and altering America's role in the world, Donald Trump is Time's 2024 Person of the Year," Time Editor-in-Chief Sam Jacobs wrote in a letter to readers.

The news magazine had previously bestowed the "Person of the Year" title to Trump in 2016 after his first presidential election victory. 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.

The latest "Person of the Year" issue features a wide-ranging interview with Trump conducted on Nov. 25 at his Mar-a-Lago resort in Florida.

In it, Trump sharply criticized Ukraine's use of U.S.-supplied missiles deep into Russian territory. He also said he will have a "big discussion" about ending childhood vaccination programs with Robert F. Kennedy Jr., his nominee to run the Department of Health and Human Services, and that his new administration could scrap some vaccines.

To commemorate the Time selection, Trump rang the opening bell of the New York Stock Exchange, where he was cheered.

He was joined by Kennedy, wife Melania, daughters Ivanka and Tiffany, Vice President-elect JD Vance and Scott Bessent, Trump's pick for Treasury Secretary. Business leaders including Goldman Sachs Chief Executive David Solomon and Citigroup Chief Executive Jane Fraser were also present.

In remarks to CNBC at the NYSE, Trump repeated his plans to boost domestic oil drilling and to lower corporate taxes to 15% for U.S.-made products.

The bell ringing signifies the start of the trading day at the world's largest stock exchange and is considered an honor. It 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.