"I would have preferred to see it go quite a bit longer but not all the way. I'd like to modify it somewhat so people have a better shot." said Buffett.
Despite Buffett saying that he would not want to see it go all the way, he says he wouldn't have minded paying out the billion. "We've paid out big on insurance policies in the past. We paid up to $3 billion on Katrina. That's just part of the insurance business."
Buffett is the CEO of the conglomerate Berkshire Hathaway and is considered one of the most successful investors in history with a reported wealth of more than $60 billion.
Buffett says not only will fans get a second chance at a chunk of the $60 billion, but he is going to make it a little bit easier next year.
"Wait until next year though -- I think we're going to come up with something better next year," said Buffett, "There were some questions that were a little tough I thought. We'll make it easier to win but i think we'll have an exciting prize."