"These silence breakers have started a revolution of refusal, gathering strength by the day, and in the past two months alone, their collective anger has spurred immediate and shocking results: almost every day, CEOs have been fired, moguls toppled, icons disgraced".
On its website, Time says: "The people who have broken their silence on sexual assault and harassment span all races, all income classes, all occupations and virtually all corners of the globe".
"This reckoning appears to have sprung up overnight".
The publication's editor-in-chief Edward Felsenthal announced the selection Wednesday on the "Today" show, along with a cover showing actress Ashley Judd, singer Taylor Swift and former Uber engineer Susan Fowler.
Time revealed the results of their reader's poll on Monday as well, which was won by Crown Prince bin Salman in overwhelming fashion, as he commanded 24 per cent of the vote versus the six per cent that runner-up the #MeToo movement received in the poll.
The president's comment prompted Time to clarify, "The President is incorrect about how we choose Person of the Year".
TIME said "the silence breakers" have allowed America to start asking the right questions, but there's still a long way to go before harassment is eradicated. The hashtag took off last month when a slew of high-profile men were publicly accused of sexual misconduct.
In 2016, then president-elect Donald Trump was named Person of the Year.
Since 1927, TIME has bestowed its Person of the Year title upon an individual or group of people who the magazine's editors believe have most influenced news and events of the past year, "for good or ill".
President Xi Jinping, one of the few world leaders who President Trump has made a point of working closely with over the past year, made the list during the same year he was elected to his second five year term as leader of China.
While the majority of the candidates were individuals, The Dreamers - thousands of undocumented immigrants brought to the USA by their parents when they were children - also made the shortlist.
Trump was once again a finalist this year.