Facebook's Mark Zuckerberg soaks himself with ice cold water (VIDEO)

Facebook founder and CEO Mark Zuckerberg has nominated Microsoft tycoon Bill Gates to pour a bucket of iced water over his head as part of a viral campaign that is going on online.

The Ice Bucket Challenge is the latest craze on social media in which people need to dunk a bucket of ice cold water over themselves, or else they need to donate money to the ALS Association.

Mark Zuckerberg nominated Bill Gates to follow his lead, alongside Facebook COO Sheryl Sandberg and Netflix CEO Reed Hastings.

Zuckerberg wrote on his Facebook page: "You guys have 24 hours to complete the challenge or you have to donate to the ALS foundation - or both."

Justin Timberlake has already filmed himself doing it, as well as golfers, Ian Poulter and Greg Norman, and tennis star, Andy Murray. 

US President Barack Obama was nominated to take part by Ethel Kennedy, but insisted that he would donate to the charity instead.

Amyotrophic lateral sclerosis (ALS) is a progressive neurodegenerative disease that affects nerve cells in the brain and the spinal cord. Motor neurons reach from the brain to the spinal cord and from the spinal cord to the muscles throughout the body. The progressive degeneration of the motor neurons in ALS eventually leads to their death.

Between July 29 and August 12, The ALS Association and its 38 chapters have received an astonishing $4 million in donations compared to $1.12 million during the same time period last year, according to a statement released on the ALS website.

"We have never seen anything like this in the history of the disease," said Barbara Newhouse, President and CEO of The ALS Association. "We couldn't be more thrilled with the level of compassion, generosity and sense of humor that people are exhibiting as they take part in this impactful viral initiative."