NEW YORK (TheStreet) -- Warren Buffett's name should be familiar to investors around the world, as the CEO of Berkshire Hathaway (BRK.A) and one of the premier stock investors of the last 100 years. Buffett's net worth sits around $58.5 billion and he continues to donate large amounts of his wealth to charity. The latest move by Buffett may just make you a billionaire.
Warren Buffett is teaming up with Quicken Loans to offer $1 billion to anyone who can fill out a perfect "March Madness" bracket.
Every March, college basketball teams compete in "March Madness" to crown the NCAA Champion for the sport. People across the country compete in office pools and online contests through selecting the winners of every game. The new challenge from Buffett and Quicken Loans puts a true value on the unlikelihood of winning.
USA Today reports that the overall odds of completing a perfect bracket are 1 in 9.2 quintillion, a number that sounds unreal. However, a math professor at DePaul actually calculates the odds at 1 in 128 billion, if contestant factors in several items, including an unprecedented event like a #16 seed ever beating a #1.
The overall winner will receive $1 billion, which can be taken as a lump sum of $500 million or 40 annual installment payments of $25 million. Quicken Loans is also awarding $100,000 to each of the 20 best "imperfect" brackets. The catch is the $100,000 has to be put towards buying, refinancing, or remodeling a house.