Time names Mark Zuckerberg 2010 Person of the Year

Time defines the Person of the Year as the person who, for better or for worse, does the most to influence the events of the year.

"This year they passed 500 million users. ... The scale of Facebook is something that is transforming our lives. One in 10 people on the planet, and it's excluded in China where one in five people on the planet live," Time editor Richard Stengel said upon announcing the winner on NBC Television's "Today" show.

"It's not just a new technology. It's social engineering. It's changing the way we relate to each other. I actually think it's affecting human nature in a way that we have never even seen before."

Zuckerberg was a 19-year-old sophomore at Harvard University in 2004 when he started a Web service called Thefacebook.com from his dorm. Now he is one of the world's youngest billionaires and his privately held company is projected to have 2010 revenues of $2 billion, Time said.

Zuckerberg pledged a $100 million donation to the Newark, New Jersey, school system this year, and he was the subject of the Hollywood movie "The Social Network".