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Time Magazine puts Facebook founder as Person of the Year

Time Magazine

It comes as no surprise as Facebook founder Mark Zuckerberg has been named the Person of the Year by Time Magazine. The social network website has over 500 million users and is valued at US$33.7 billion (by investors in August this year). Not to mention, a movie was also made about the founding of Facebook and the resulting lawsuits.

Time has named Facebook founder Mark Zuckerberg as Person of the Year, on the cover of their magazine this month. It was in February 2004 when Zuckerberg was started a Web service from his dorm in Harvard, called Thefacebook.com. At that time, it was intended as “an online directory that connects people through social networks at colleges.”

Needless to say, the social network website grew tremendously and this year, Facebook (after purchasing of the domain name for US$200,000), has more than 550 million in member base. Earlier in August, investors valued Facebook at up to US$33.7 billion, at US$76 a share. Note that Facebook is a privately-held company and has no IPO, though the private shares were developed in so-called secondary markets, such as Sharespost and SecondMarket.

A movie called “The Social Network” was released in October this year about the Zuckerberg and how Facebook came about, as well as the lawsuits resulted from it. The screenplay was adapted from Ben Mezrich’s 2009 non-fiction book “The Accidental Billionaires” and Jesse Eisenberg plays the 26-year old co-founder and CEO. Zuckerberg saw the movie and said that it wasn’t a correct portrayal of him, except for the clothes.

According to Time, WikiLeaks founder Julian Assange was one of the choice for Person of the Year, but in the end, the Facebook founder was selected.

Source: Time Magazine

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