Time named Donald Trump as Person of the Year on Wednesday morning "for reminding America that demagoguery feeds on despair and that truth is only as powerful as the trust in those who speak it, for empowering a hidden electorate by mainstreaming its furies and live-streaming its fears, and for framing tomorrow's political culture by demolishing yesterday's."

"It's a great honor," Trump told the Today show. "I've been lucky enough to be on the cover many times this year, and last year."

The president-elect beat out Hillary Clinton as well as Olympic gold medalist Simone Biles, Russian President Vladimir Putin, musician Beyoncé Knowles, and others for the designation.

Time annually aims to select the person or idea that has had the greatest impact on the news and world in the past year, a tradition it has followed since 1927. German Chancellor Angela Merkel was Time's Person of the Year in 2015 due to her leadership in the Syrian refugee crisis and the Europe debt crisis.