Time magazine has named Mark Zuckerberg, the founder and CEO of Facbook, as the 'Person of the Year' for 2010.

Twenty-six-year-old Mark Zuckerberg is the second youngest person to receive the honour after 25-year-old Charles Lindberg, who was honoured with the same title in 1927.

Time magazine said they picked Facebook’s founder as the ‘Person of the Year’ as he changed the lives of the people in ways that were innovative as well as optimistic.

The honour has placed the founder of the most popular social networking platform in some remarkable company. Intel’s founder Andy Grove received the honour in 1997, almost 30 years after founding the company. Online retailer Amazon’s Jeff Bezos bagged the title 1999, while Microsoft’s Bill Gates received it in 2005.

Commenting on the honour, Zuckerberg expressed his happiness saying, "This is a real honor and it is recognition of how our little team is building something that hundreds of millions of people want to be a part of.”

As per SharesPost Inc’s estimates, Facebook has a valuation of $43.1 billion.

Facebook claims to have more than half a billion users worldwide. The editor of the magazine praised Facebook saying it was the largest human creations ever created.