Jacob had been on the playground at recess, along with another teacher and one student when the shots were fired, a family friend wrote on Facebook.
The teacher and student sustained non-life-threatening injuries, but Jacob was critically wounded.
“The bullet ripped through little Jacob’s femoral artery,” Alan Clemmons wrote. “He died twice, and was revived, during medical transport and again during surgery.”
He was flown to the nearby Greenville Memorial Hospital's Children's Hospital, where doctors tried to stabilize him and performed multiple surgeries. He was put on life support and did not regain consciousness.
"Our son, Jacob Hall, who was shot at Townville Elementary School on Wednesday, died today surrounded by family at Greenville Health System Children’s Hospital," the family said in a statement Saturday.
There was an outpouring of support for the boy, with thousands sharing Clemmons' Facebook post and donating to a GoFundMe to cover hospital expenses.
Late Thursday, the family had said that Jacob suffered a severe brain injury.
"Jacob is a very sick little boy and is fighting for his life," his family said in a statement Thursday. "Due to the massive blood loss he has sustained a major brain injury. Jacob is in very critical condition, and we are hanging on every second."