The Fortune 500 is one of the most anticipated list that all businesses await.

And this time around it is Facebook that finally cracked into the the top ranks after practically being the virtual behemoth in the social media industry.

Since 1955, the List is released by the Fortune magazine every year after conducting an annual survey of the largest companies in the U.S. They are then ranked according to their revenues to bring out what we all know as the Fortune 500 list.

As per this year's ranking the social networking site jumped from  598 to 482 rank. What's interesting in this leap is, Facebook has been a public company only for the last 8 months. In this intermittent phase alone, the company has managed to raise $16 billion as per its last IPO data in last May.

This leapfrogging act is a new record for the fastest move up in the list since Google performed this feat in 16 months after going public. And Mark Zuckerburg automatically gets another feather in his cap as the youngest entrepreneur to make to it to the list.

Keeping in line with this announcement, Leigh Gallagher, Fortune's Managing Editor opine -

"Business is getting active again, they're starting to do things after being on the sidelines for the past couple years.This company rocketed onto this list as fast as Google did. In the tech world, innovation happens a lot quicker. Years ago it would have taken decades.The list generally reflects a lot of activity since 2012, namely spinoffs and a lot of merger activity."

While this is a first for Facebook, the top 10 names are pretty much the familiar ones:

1. Walmart
2. ExxonMobil
3. Chevron
4. Phillips 66
5. Berkshire Hathaway
6. Apple
7. General Motors
8. General Electric
9. Valero Energy
10. Ford

You can view the complete list here.

Also catch Gallagher talking more about the companies and the making of the List this year in the video below.

To say the least, Facebook's joining the ranks was never a far call; it would have made it eventually to the list, keeping in view its popularity among all kinds of age groups and professionals.

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