Diddyis doing the responsible thing with his enormous, annual New Year's Eve bash ... he's giving it the ax as the pandemic takes a turn for the worse.
Sources with direct knowledge tell us ... the mogul was planning to throw his annual NYE party in Miami Friday night, for 500 of his closest friends, but earlier this month he decided to cancel the whole thing due to rising COVID cases in Florida and across the nation.
This will be the second year in a row Diddy's NYE bash was put on ice.
Diddy hosted the party yearly before the pandemic hit, and the celebrity guest list was insane as you might imagine, but he also was forced to cancel in 2020, because most people had not yet been vaccinated.
Still, the Omicron variant is coming with a bunch of breakthrough cases for the vaccinated ... so it's the safe play to sideline the NYE soiree again.
The last time Diddy had his NYE party was back in 2019, when a bunch of celebs crammed into Story Nightclub in Miami ... including Fat Joe, Winnie Harlow, Meek Mill, DaBaby and DJ Khaled.