Facebook cracks the Fortune 500 list for the first time

Facebook has squeaked onto the Fortune 500 list for the first time in company history since going public last May.

The 1-billion member social networking site made it onto Fortune's annual list of companies at No. 482.

Fortune ranks companies based on their annual revenue. Facebook was near the end of the list with $5.1 billion for 2012, but a big step up from its previous ranking of 598.

The social networking site came in between cell phone carrier MetroPCS, which is being bought by T-Mobile, and utility Pepco Holdings.

Once again, retailer Wal-Mart Stores topped the Fortune 500 list with revenue of $469.2 billion in 2012.

Some of Facebook's online peers in the Internet services and retailing industry knocked the social networking site out of the water.

Amazon.com came in at No. 49, Google ranked 55 and eBay landed at number 196.

Facebook's co-founder and CEO Mark Zuckerberg also drew attention for being the youngest CEO on the list at just 28 years old. Zuckerberg and Yahoo's Marissa Mayer, 37, are the only two CEO's under 40.

The oldest CEO, David Murdock of Dole Foods, is 90.