What started yesterday as one of my Facebook status updates is slowly becoming a grass-root effort to save Business 2.0 magazine. The Facebook group created yesterday morning for that occasion now has 139 members (and growing every minute). The list of people supporting the magazine is starting to read like a who’s who of tech entrepreneurs, bloggers and journalists and includes amongst others Reid Hoffman, Michael Arrington, Om Malik, Craig Newmark, and Josh Quittner.

In addition to the Facebook group, I’ve posted the news on Digg (very limited results) and I’ve also asked a question on LinkedIn (some interesting comments there). We’re also now crossing over into blogging media with a Valleywag article covering our efforts to save the magazine. Hopefully, we can get more blogging media coverage today and maybe (cross your fingers) get offline media coverage as well!

With that many “sneezers” on board, I have very high hopes we can tell Time Inc. that the magazine is a must-read amongst the digerati and save it.

BTW, if you like Business 2.0 magazine, make sure you add your name to the Facebook group! If you want to add me to your Facebook network, don’t hesitate to invite me also.

End of day update: the group is up to 329 members and Advertising Age has covered the news! Keep going!