Zuckerberg, along with his wife Priscilla Chan, are providing the donation through their Startup:Education foundation. Their current plan is to spread out the gift over five years, focusing the first $5 million on upgrading technology in high-need school districts.
Beyond technology, Zuckerberg and Chan's donation will also fund leadership training for teachers and school administrators, as well as helping students transition into high school.
Chan attended public school from pre-kindergarten to twelfth grade, and became the first person in her family to attend college upon entering Harvard.
Zuckerberg launched Startup:Education when he announced a $100 million donation to Newark, NJ schools in September 2010. That gift involved input from New Jersey Gov. Chris Christie and then-Newark mayor (now-Sen.) Cory Booker.
After an initial positive reception, the new initiatives funded by the donation have been subject to significant public opposition. The biggest criticism has centered on a top-down reform strategy that did not draw sufficient input from those most impacted by the changes.
While Zuckerberg held little personal connection to Newark, he is an active participant in the Bay Area community. He reportedly taught a weekly after-school program wherein students learned about small business.
-By CNBC's Everett Rosenfeld