Due to Bolsonaro's past racist, homophobic and misogynist remarks, organizers saw multiple venues in New York refuse to host the gala dinner, including the American Museum of Natural History.
Major sponsors such as Delta Air Lines, The Financial Times and Bain & Co this week yanked their support for the event.
Bolsonaro spokesman General Otavio Rego Barros said in a statement the president would not be attending the dinner due to "the resistance and deliberate attacks by the Mayor of New York and the pressure of interest groups" on its organizers and sponsors.
Delta said it would no longer be sponsoring the event, but declined to give further details.
The Financial Times also said it would no longer be a sponsor of the event while declining to give further details.