Well, the speculation is over. Time Magazine has announced it’s Person of the Year for 2010, MarkZuckerberg, founder of Facebook. The social media tycoon beat out WikiLeaks bad-boy Julian Assange, who the betting line was favoring the past few weeks. Before Assange popped on the radar, some of the other contenders included the likes of Glenn Beck, Sarah Palin and even the Tea Party. The 26 year old Zuckerberg has had a good year. He joins the ranks of Ben Bernanke, the Federal Reserve chairman who won in 2009, Barack Obama in 2008, Vladimir Putin who won in 2007 and George W. Bush won in 2004.

SAN FRANCISCO - NOVEMBER 15: Facebook founder and CEO Mark Zuckerberg speaks during a special event announcing a new Facebook email messaging system at the St. Regis Hotel on November 15, 2010 in San Francisco, California. Facebook will launch a new messaging system aimed at enhancing it's social media product to its 500 million users. (Photo by Justin Sullivan/Getty Images)

The importance of Facebook, who Zuckerberg owns a 25% stake in, has grown in the past few years. Social media has become more vital to many than a phonebook. Businesses use it to promote products and sales. BP used Facebook and Twitter to calm fears during the Gulf oil spill.

Of course, the real fun of Facebook is connecting with other people and playing their online games. Who doesn’t know somebody with a Facebook farm or aquarium these days? Mark Zuckerberg created Facebook in 2004 with co-founders Andrew McCollum, Adam D’Angelo and Sean Parker. Zuckerberg had started his Internet life while attending Harvard, first with a website called ‘Coursematch’ which allowed users to stalk students by which classes they were in. Then he began ‘Facemash’ which was a place where students could rate photos of other students, if they were ‘hot or not’.

Facebook was, therefore, initially a phenomenon on college campuses. Zuckerberg, who dropped out of Harvard, watched the money roll in. in 2006, Yahoo offered the boys a billion dollars for the social network, but they instead just sold part of it to Microsoft for $240 Million. Today, it is estimated the Facebook may be worth as much as $15 Billion dollars. Of course, life is not all sunshine and roses. Even Zuckerberg has detractors, such as Aaron Greenspan, his old pal who claims he helped write the software. On top of that, in 2003, Zuckerberg had been approached by another group to write code for their social network called ‘ConnectU’. Zuckerberg left that project after just a few months to start Facebook. A series of lawsuits ensued.

Time names Mark Zuckerberg Person of the Year for 2010. The Facebook founder has had quite a year. From recent issues with security and privacy, to a movie about him, ‘The Social Network’. He beat out WikiLeaks founder Julian Assange, as well as the Tea Party for Time’s honored place in history.

SAN FRANCISCO - NOVEMBER 15: Facebook founder and CEO Mark Zuckerberg speaks during a special event announcing a new Facebook email messaging system at the St. Regis Hotel on November 15, 2010 in San Francisco, California. Facebook will launch a new messaging system aimed at enhancing it's social media product to its 500 million users. (Photo by Justin Sullivan/Getty Images)

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