Facebook's Mark Zuckerberg is TIME's Person of the Year 2010

Facebook CEO and co-founder Mark Zuckerberg has been named TIME magazine's Person of the Year. The annual award is a staple of U.S. journalism. Others considered were Julian Assange, Hamid Karzai. Rick Stengel, the magazine's managing editor, made the announcement Wednesday on NBC's "Today" show.

Zuckerberg created the widely popular and influential social networking site, which reflects a major transformation in the way people communicate and do business.

Facebook has merged with the social fabric of American life, and not just American but human life: nearly half of all Americans have a Facebook account, but 70% of Facebook users live outside the U.S. It's a permanent fact of our global social reality. We have entered the Facebook age, and Mark Zuckerberg is the man who brought us here.

TIME noted that in less than seven years, Zuckerberg wired together a twelfth of humanity into a single network, thereby creating a social entity almost twice as large as the U.S.

If the service were a country it would be the third largest, behind only China and India, TIME wrote.