Warren Buffett, the second wealthiest person in the United States and CEO and Chairman of Berkshire Hathaway, is offering staff $1million (£800,000) a year for the rest of their life if they correctly predict the teams who will make it to the Sweet 16: the regional semi-finals of the NCAA Division I Men's Basketball Tournament.
68 college teams compete; and last year only 14 out of over 11 million entries on ESPN correctly guessed all 16.
Buffett told CNBC: “If they can get to the Sweet 16, if there's only one of them, whoever it is, he or she gets a $1million dollars a year for the rest of their life . . . It's not impossible.”
He anticipates over 100,000 entries from his 367,700-strong workforce. And even if no one wins the $1million prize, whoever gets closest will win $100,000 (£80,000).
Buffett continues: “Last year, we had two fellows that tied - one of them knew a lot about basketball, the other didn't know anything about basketball - but they each got $50,000 (£40,000) out of it.”