Facebook founder Mark Zuckerberg has been named Time's Person of the Year for 2010.

At 26, the billionaire becomes the second youngest person in the magazine's history. (Only Charles Lindbergh was younger.)

Time's editor Richard Stengel made the announcement Wednesday morning on The Today Show and said: "He's very affable. He's very in-the-moment. He's very quick-witted."

Zuckerberg's reaction to being named? "He felt humbled by it," said Stengel.