CNBC is partnering with billionaire investor and Silicon Valley legend Peter Thiel as he searches for the next Edison, Jobs or Zuckerberg.

In a two-part special, “20 Under 20: Transforming Tomorrow,” CNBC follows 20 young inventors, innovators and entrepreneurs as they vie for a $100,000 Thiel Fellowship. But there’s a catch, Just like Edison and Jobs and Zuckerberg, the Thiel Fellowship winner will need to walk away from college.

“The world’s hardest problems aren’t going to solve themselves. If you have a great idea, the right time to work on it isn’t four years off—it’s now,” said Thiel. “We’re looking forward to giving a new class of Thiel Fellows the time, mentorship, and support to bring their most innovative dreams to life.”

CNBC’s “20 Under 20: Transforming Tomorrow,” debuting August 13 at 10pmET, also features Silicon Valley stars Sean Parker and Elon Musk.

CNBC “Mad Money” host Jim Cramer is no stranger to controversy. He has been parodied on “South Park” and of course there was his epic confrontation with Jon Stewart last year.

Still, the guy can’t seem to catch a break. This week The Daily Beast released an excerpt from an upcoming book which claims that by giving former baseball player Lenny Dykstra a platform to give stock advice, he may have inadvertently abetted a fraud scheme.

Yesterday, Tesla CEO Elon Musk gave his own take on Cramer… while bring interviewed by CNBC.

When asked about what he thought of some of Tesla’s detractors, including Cramer, Musk replied: “I would say yeah sure Jim, we are no Bear Sterns, but I think we are going to do ok.”

Backstory here.

The video is after the jump.

Read more