Donald Trump has been named Time magazine's Person Of The Year, Sky News reports. The US president-elect beat the Princess of Wales and Elon Musk, who were also on the shortlist.

Trump, who has survived two assassination attempts in recent months, will celebrate by ringing the opening bell at the New York Stock Exchange later.

He has been making appointments to his forthcoming administration after winning the popular vote in last month's election and claiming all seven swing states.

The 78-year-old business mogul was also Time's Person Of The Year in 2016—the year he first won the White House.

His second election win is "history-making in multiple ways," Time said when it announced the shortlist.

Trump will be the "oldest president in US history," entering office for the second time at the age of 78 years and seven months. When Joe Biden began his term in 2021, he was 78 years and two months old.

Trump will also be the "first convicted felon to be elected president," Time said, referring to his conviction for falsifying business records to commit election fraud.