New York (CNN) -- Facebook founder Mark Zuckerberg will appear on "The Oprah Winfrey Show" Friday to announce that he is donating $100 million toward improving public schools in Newark, New Jersey.
Newark Mayor Cory Booker and New Jersey Governor Chris Christie will also appear.
According to an official familiar with the agreement, Zuckerberg's donation will be the first installment from a foundation financed by Zuckerberg and focused on bettering education.
With an estimated net worth of $6.9 billion, Zuckerberg ranked 35th on this year's Forbes 400 list of richest Americans -- up from 158th last year.
At 26, he and Facebook co-founder Dustin Moskovitz are the youngest billionaires on the list.
The announcement comes a week ahead of the release of "The Social Network" -- a highly anticipated movie about the early years of the social networking powerhouse.
The movie and the book it is based on -- "The Accidental Billionaires" by Ben Mezrich -- do not depict Zuckerberg in the most favorable of lights. Critics have expressed that the donation is being timed to counteract the effects of the movie.
But some in the tech community say that, regardless of the timing, Zuckerberg's gift could have far-reaching ramifications on charitable giving.
"Skeptics might question the timing of the move, but it would be foolish to underestimate the significance of the gesture -- not only in its direct impact on public schools, but in its lasting imprint upon the technology industry," wrote Pete Cashmore, CEO of social media blog Mashable in a column for CNN.
"Zuckerberg's donation should be praised, as it will likely provide inspiration to the growing ranks of newly minted technology founders," he said.
Control of Newark public schools has been in the hands of the state since 1995.
Under an agreement between Mayor Booker and Governor Christie, the state will maintain legal control over the district, but will authorize the mayor to develop a comprehensive education plan. No details have been released at this time about how the money is to be distributed or used.
Zuckerberg grew up in Westchester County, New York, and founded Facebook in 2004, while studying computer science at Harvard University.
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