The Oracle of Omaha says his $1 million-a-year March Madness contest for Berkshire Hathaway employees will pay double if one of his two Nebraska favorites wins.
Billionaire investor Warren Buffett, a long-time basketball fan, offered employees $1 million a year for life to anyone who guessed which teams make it to the NCAA men's basketball tournament's "Sweet 16." No one won last year's big jackpot.
This year, there's a twist. If the Creighton Bluejays or Nebraska Cornhuskers wins the tournament, the prize will double, Buffett said Monday in a wide-ranging interview with CNBC.
The NCAA will reveal on March 11 which 68 teams have made the cut for this year's basketball championships. The tournament starts two days later and concludes April 2.
Buffett joined CNBC from Omaha, Nebraska. He spoke on a range of topics, including the new tax law.