Mark Zuckerberg and wife pledge $120 million to San Francisco schools

Billionaire Mark Zuckerberg is making another hefty donation in the name of education. The Facebook CEO and his wife Priscilla Chan are donating $120 million to public schools in Northern California. The grant, which will be dispersed over the next five years to several school districts around San Francisco, is aimed at improving classroom technology, training principals, and easing students' transition between 8th and 9th grade.

The couple made the announcement in an interview with the Associated Press. "Education is incredibly expensive and this is a drop in the bucket. What we are trying to do is catalyze change by exploring and promoting the development of new interventions and new models," Chan said.

The generous donation comes four years after Zuckerberg made a similar $100 million contribution to Newark, New Jersey's public schools.

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