The report told that Facebook will officially announce its 500 millionth user in the last week of Jul 2010.
As part of the celebration, Facebook plans to launch a special feature called 'Facebook Stories', which will be a collection of short tales about users who have had their lives changed by Facebook.
The company is currently accepting submissions for their stories feature and stories that receive the most likes could be included in the final product.
"As we anticipated our 500-million milestone, and we wanted to find a different way to announce and celebrate it," said Randi Zuckerberg, Facebook's Director of Marketing.
"In the past, it's been all about the numbers and milestones and we realized we had never taken the opportunity to celebrate users," he added.