Source and full story: http://www.facebook.com/notes/facebook-engineering/announcing-facebooks-2012-hacker-cup/10150468260528920
What: An annual algorithmic programming contest open to engineers from around the world.
Where: Three online rounds with the finals at Facebook's headquarters in California.
When: Registration opens January 4, 2012 with the three online rounds occurring throughout January 2012. World finals to follow.
Finals: We'll pay to fly and accommodate the top 25 hackers from the third online round out to our campus.
Prizes: Of course! $5,000 USD and title as world champion to the top hacker, $2,000 for second place, $1,000 for third, and $100 for fourth through 25th. Awesome t-shirts for the top 100 hackers coming out of the second online round.