Facebook donates to Newark schools

Mark Zuckerberg, the 26-year-old billionaire who co-founded Facebook, is donating $100 million to Newark public schools.

Zuckerberg will appear with New Jersey Governor Chris Christie and Newark Mayor Cory Booker on "Oprah" this Friday to make the announcement. Christie is supposed to give some of the state run school system back to the city.

The $100 million donation is the initial gift to start a foundation for education by Zuckerberg. This is the largest publicly known gift by Zuckerberg. The grant is an invitation for others to become donors - with a goal of raising another $100 million, bringing the total gift to $200 million. The grant from Zuckerberg alone amounts to more than 10 percent of the district's annual budget.

Interesting tie-in with "Social Network" movie coming out next week!