That was also based on the number of shareholders, not the number of employees. Facebook began issuing RSUs, which don't count towards the limit, to employees when they started approaching the 500 shareholder limit, but I believe trading on SecondMarket pushed them over 500.
Also I think Facebook was originally a partnership and then converted into a DE c-corp. I don't think they were ever a CA company.
Also I think Facebook was originally a partnership and then converted into a DE c-corp. I don't think they were ever a CA company.