Mark Zuckerberg, founder and chief executive of The Facebook social networking site that has more than half a billion users, was named Time magazine's 2010 Person of the Year on Wednesday.

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".

At 26 years old, Zuckerberg is the youngest winner since Charles Lindbergh was named the magazine's first person of the year in 1927 when he became the first pilot to fly solo across the Atlantic Ocean.

Since then the Time honor has become a cultural reference in the United States.

The award has had its controversy, such as when Adolf Hitler was named 1938.

U.S. Federal Reserve Chairman Ben Bernanke was the 2009 winner.

A Time poll showed readers favored naming WikiLeaks founder Julian Assange this year but Stengel said the magazine's editors and correspondents chose Zuckerberg after consulting among themselves, past winners and other world luminaries.

The conservative Tea Party political movement was Time's second choice for 2010 followed by Assange, Afghan President Hamid Karzai and the 33 trapped Chilean miners.

Adapted From: http://www.reuters.com/article/idUSTRE6BE2EX20101215

Google Is Losing Face

Big, successful tech companies could once count on a fairly long reign. But as the recent defections from Google to Facebook show, the cycle of creation and destruction grows ever shorter.

As the New York Times reports today, Google is working harder than ever to hold onto top engineering talent—and often loses the battle. It tells the tale of Josh McFarland and Mark Ayzenshtat, who "both left Google to found TellApart, which helps retailers advertise online."

Now Google isn't about to fade from the universe. It has a market cap of $186 billion—more than four times what Facebook reportedly is worth in the private market. But valuations can shift suddenly and dramatically, and Facebook is clearly the ascendant party.

It just goes to show that the time in the spotlight is getting shorter. IBM had its day—make that quite a few decades. It dominated the tech world from the middle of the last century until Microsoft came along. And Microsoft had a few decades of wild success before it had to seriously worry about the likes of Apple or Google.

What is to blame? It may be technology itself, thanks to constantly falling prices and the sector's affinity to lower the entry barriers endured by new companies. Add to this the rise of cloud computing, which reduces the need for many tech companies to invest in much infrastructure at all.

Google, which has been around for about a dozen years, never had that luxury. And it's a good bet that Facebook won't either.

Adapted From: http://www.portfolio.com/views/blogs/the-tech-observer/2010/11/29/google-shows-that-period-of-tech-dominance-grows-shorter#ixzz19uajUIDf

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