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Donald Trump Named Time’s ‘Person Of The Year’ For Second Time

Donald Trump has been named Time magazine’s ‘Person of the Year’ for 2024, marking the second time he has received the prestigious title. The recognition follows his decisive victory in the U.S. presidential election, securing his return to the White House and reaffirming his profound influence on American and global affairs.

A Historic Comeback

Time’s editorial board cited Trump’s “historic comeback” as the key reason for his selection. His victory in the 2024 U.S. election, which Time describes as a “once-in-a-generation” shift, promises to reshape American politics and global economics. Trump’s calls for a more aggressive economic policy, including higher tariffs on foreign goods, signal major changes in international trade dynamics.

Honouring The Most Influential Figure

The ‘Person of the Year’ title is awarded to the individual or group deemed to have had the most significant impact on global affairs “for good or for ill.” Trump’s impact on modern politics is undeniable. Time’s editor-in-chief, Sam Jacobs, wrote, “Since Trump first ran for president in 2015, perhaps no one else has played a greater role in changing politics and history.”

To mark the announcement, Trump is expected to ring the opening bell at the New York Stock Exchange. The event will be attended by several members of his family, including Ivanka Trump, making it a rare public appearance for the former senior adviser.

Other Contenders

Trump was chosen over a list of high-profile candidates, including his presidential rival Kamala Harris, Princess of Wales Kate Middleton, Israeli Prime Minister Benjamin Netanyahu, and billionaire Elon Musk. The selection echoes his first win in 2016, following his unexpected rise to the presidency that year.

The Power Of The Cover

Time’s ‘Person of the Year’ cover has long been a cultural milestone, highlighting figures who have had a profound impact on the world. While the selection is not always a president, U.S. election winners often grace the cover. Notable exceptions include Queen Elizabeth II in 1952 and the Apollo 8 astronauts in 1968. Trump’s obsession with the Time cover is well known, with replicas of a 2009 “Person of the Year” cover, which never existed, displayed in some of his golf clubs.

Trump’s first term was marked by controversy, including the chaotic early stages of the COVID-19 pandemic, mass protests, and the January 6 Capitol attack. His loss to Joe Biden in the 2020 election led many to believe his political career was over. However, his return to the presidency in 2024 represents a striking political resurrection. As Time’s analysis states, “If that moment was Trump’s apogee, today we are witnessing his apotheosis.”

The ‘Person of the Year’ honour has been awarded since 1927, recognising those who, for better or worse, have made a profound impact on the world. Past honorees have included activists, entrepreneurs, world leaders, and, on occasion, divisive figures. Trump’s second win places him in the company of U.S. presidents who have also received the title, including Franklin D. Roosevelt, Barack Obama, and Joe Biden.

Trump’s latest victory underscores his enduring influence on the political stage and positions him as a central figure in the unfolding narrative of American and global politics.

MENA Tech Index Fell 4.6% In July, But Outperformed Global Tech

The MAGNiTT Tech Index fell 4.6% in July, marking its second consecutive monthly decline as technology stocks weakened across global markets. MGTI closed the month at 165.24, down 4.76% in 2026 and 24.88% from its January 2025 peak.

Despite the decline, the index remained 65.24% above its January 2023 inception level. Its lower correlation with global technology benchmarks also limited its exposure to the broader technology sell-off.

Saudi Technology Stocks Lead The Decline

Saudi technology companies accounted for much of July’s decline. Nice One fell 21.3%, Jahez dropped 17.2%, and Rasan declined 15.7%, while Talabat gave back part of its second-quarter recovery.

Only three of the index’s 15 constituents ended July higher. MGTI also underperformed regional equity markets, with Saudi Arabia falling 1.89% and Dubai declining 2.69% during the month.

MGTI Shows Lower Correlation With Global Tech

July marked a reversal in global technology stocks, with MSCI EM IT falling 12.81% and MSCI ACWI IT declining 5.64%. MGTI’s lower correlation with those benchmarks limited the decline, with a correlation of 0.36 to MSCI EM IT.

The index also has limited exposure to semiconductors and large-cap AI companies that have driven much of the recent global technology rally. Its performance therefore differs from the broader global technology cycle.

MGTI Remains Above Its 2023 Level

MGTI has gained 65.24% since its January 2023 inception despite its recent declines. The index entered August down 4.76% for 2026 and nearly 25% below its January 2025 peak.

The MAGNiTT Tech Index July 2026 Monthly Update includes constituent-level performance, regional and global benchmark comparisons, and data on correlation, beta and volatility.

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