Facebook: sharing the wealth

Facebook founder and CEO Mark Zuckerberg has announced the creation of FbFund, which with time will distribute startup capital to promising Facebook applications.

FbFund is a joint effort between Accel, Founders Fund and Facebook, conceived with a fresh US$ 10 million in the bank. Zuckerberg is among those on the board. The fund will dole out between $25,000 and $250,000 to winning ideas.
The news may put a damper on a similar entity created by Bay Partners in July, though the existence of two funds will probably ring nicely among app developers.

According to BBC News, there are already 4,000 apps available on Facebook. The site now touts 41 million users and represents 1 percent of all web traffic.