When it comes to usability, you should keep in mind that there are some patterns which you shouldn't ignore or deviate from.
The most common pattern used, when it comes to order status, is the one having the top item in the list being the furthest in the past. This is because the flow is finite (you start from ordering and you end at receiving your order). If you were to use the other way of displaying the information, it will create a disruptive pattern which may confuse the user (considering the fact the the user is not ordering something online for the first time in his life).
For more information, read this article regarding the UX patterns. (search on uxmag the article "The price of not using the UX patterns"). You will find that using the opposite way for displaying the list (the top event being the furthest in the future) will not be such a good idea.
I would recommend you to use your idea.
To be even more specific, take a look on the flow of a courier company regarding your order (this represents the most used pattern):
- first you are given an AWB tracking number.
- in order to keep track of your order, you just enter the company's website and search for your order status using that AWB.
- after you hit the search button, you will get a list with the updates.
- the list you see, is showing the furthest event in the past as being the top item (see the image bellow).
To make it even easier to understand, you can design and display the flow as a timeline spread horizontally. Something like this:
The image above shows the order status in this way: 1. Order placed // 2. Payment accepted // 3. Products handed over to courier // 4. Products in courier's deposit // 5. Products being delivered // 6. Products delivered
Both ways show the timeline having the top event being the furthest in the past. This is why I recommend you to use the idea you have and you shouldn't take as example websites like Facebook or Twitter (or any social media / news website for that matter) because in these cases the flow is totally different and it's not a finite one.
I hope that this answers your question.