I’m excited to announce that this feature is in internal testing, and should be coming soon! Thanks!~ AlexBrian A. commented
It seems there is a limit of only 15 contacts at a time that can be added to status update notifications.
When I try to add any more, the popup notification I get is:
"Failed to add a contact
Can not add more than 15 contacts into th..."
No further details; clicking on the notification just clears it.