The cover depicts a sharp gray backdrop, and activist Adama Iwu, actress Ashley Judd, singer Taylor Swift, strawberry picker Isabel Pascual and former Uber engineer Susan Fowler are photographed against it in black, looking determined to stand their ground after coming out with gruesome tales of how they were sexually harassed by senior people in their industry when they were first starting out.
"We're done. No more, '" Milano said.
Last month, Trump suggested he was going to be named Time Person of the Year again, but that he turned it down.
President Donald Trump was runner-up in the prestigious ranking, ahead of his Chinese counterpart Xi Jinping.
Time also pointed to other women who called attention to problems all year long.More news: Texas Officer Killed Serving Warrant Identified
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"The galvanizing actions of the women on our cover. along with those of hundreds of others, and of many men as well, have unleashed one of the highest-velocity shifts in our culture since the 1960s", the magazine's editor-in-chief Edward Felsenthal said in a statement.
More than a dozen men have since come forward with similar accusations against Spacey, some of whom were teens at the time of the alleged abuse.
The #MeToo movement gained momentum after The New York Times published a harrowing exposé featuring several women who publicly accused the most powerful producer in Hollywood, Harvey Weinstein, of sexual assault and harassment.
"I could never have envisioned something that would change the world", Burke told "Today". Instead, the magazine announced it was honoring the women and men who "span all races, all income classes, all occupations and virtually all corners of the globe" for breaking their silence.
The hashtag, which rose to prominence this year after actor Alyssa Milano tweeted about it, was originally started by Tarana Burke ten years ago.
"When a movie star says #MeToo, it becomes easier to believe the cook who's been quietly enduring for years", a Time article read.
Mr Trump had been a finalist for the Time award again this year, alongside Amazon chief executive Jeff Bezos, Wonder Woman director Patty Jenkins, former National Football League star Colin Kaepernick, US Special Counsel Robert Mueller, Saudi Arabia's Crown Prince Mohammed bin Salman, North Korean leader Kim Jong Un and Chinese President Xi Jinping.