Buffett’s Berkshire Restarts March Madness Bracket Competition
(Bloomberg) -- Warren Buffett’s Berkshire Hathaway Inc. is bringing back its March Madness bracket contest for employees, restarting a tradition that was put on pause last year as the NCAA canceled the annual basketball tournament.
Berkshire, which started the tradition in 2016, will award $100,000 to the employee who picks the winner of the most games correctly before an incorrect guess, the company said Monday in a statement. The prize money is increased to $1 million if an employee picks all first-round games correctly and further upped to an annuity paying $1 million for the rest of that employee’s life if both first-round and second-round games are chosen correctly.
Buffett’s company said a number of employees in past years have correctly picked 31 winners of the initial 32 games. Berkshire also brought out its hometown spirit, saying that the winner’s prize will be doubled if Creighton University, which is based in Buffett’s hometown of Omaha, Nebraska, makes it to the final four teams remaining in the National Collegiate Athletic Association’s 2021 men’s basketball championship.
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