Berkshire Employee Wins $100,000 in Buffett’s NCAA Challenge

Warren Buffett is a huge fan of March Madness and has issued a challenge to his employees a few times now, daring them to select the correct winners for the tournament. This year’s challenge, which we wrote about earlier this month, was a little different than previous years. This year, Buffett offered up $1 million per year for life to the employee who could correctly guess the winning combination.

For this first round of the NCAA March Madness Men’s Basketball Tournament, which ended last Friday,  one contest winner has been awarded $100,000 for getting 29 of the first 32 games correct. The winner’s name was not released by Berkshire Hathaway, although it did state that the employee was a welder at a Precision Castparts facility in West Virginia.

According to the statement, the game that cost the lucky winner a chance at the $1 million was the South Carolina versus Marquette which was aired on Friday. The 20 point loss of Marquette happened after South Carolina rallied at halftime to push back against the Marquette Golden Eagles, and went on to win the tournament for the first time since 1973.

Although the worker didn’t win the $1 million prize, he still earned more than last year’s winners, who split the $100,000 between them.

Previously, Buffett stated that he had hoped to break the 100,000 mark for entries into the challenge, this year’s numbers fell slightly short of the mark at around 96,000 entries. However, that number still represents more than a quarter of Berkshire’s 367,000 employees across around 90 different companies.

There isn’t any information on how far along the Oracle of Omaha got on his own bet, unfortunately, but we’re willing to give Buffett a pass just this once if he didn’t correctly pick the winning teams.

 

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