Google is organizing similar event aka Google Code Jam ( http://code.google.com/codejam ) for years. Facebook Hacker Cup feels like a clone of it.
Similarities:
1. Annual algorithmic competitions.
2. Various online elimination rounds.
3. World finals at headquarters.
4. Prizes: 1st place = $5000 USD, 2nd place = 2000$ USD, 3rd place for $1000 USD and $100 for 4th through 25th place.