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Upsets Mean Buffett’s $1M Prize Will Go Unclaimed

Warren Buffett
Warren Buffett

OMAHA, Neb. (AP) — Upsets in the opening weekend of the NCAA men’s basketball tournament ensured that no Berkshire Hathaway employee would claim Warren Buffett’s big prize of $1 million a year for life.

The contest open to Berkshire’s roughly 360,000 employees offered $1 million a year for life to anyone who could pick all 48 of the opening round games perfectly.

Friday’s upset of Michigan State by Middle Tennessee ensured none of the brackets were perfect.

But two Berkshire employees will split $100,000 for picking the most games correctly in a row.

Buffett knew it was unlikely anyone would pick the sweet 16 perfectly. Two years ago, Berkshire insured a $1 billion prize Quicken Loans offered, but didn’t have to pay because no one had a perfect bracket.

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