Major Donor Cuts $100 Million Donation for University of Pennsylvania After President’s Testimony

Stone Ridge is not the first donor that has terminated its donations to UPenn for its poor response to the Oct. 7 Hamas terrorist attack on Israel.
Major Donor Cuts $100 Million Donation for University of Pennsylvania After President’s Testimony
Building of University of Pennsylvania Carey Law School on Feb. 12, 2023. (William Huang/The Epoch Times)
12/8/2023
Updated:
12/8/2023
0:00
A major donor just announced they cut off a $100 million donation for the University of Pennsylvania (UPenn) following UPenn President Liz Magill’s testimony on campus antisemitism that received wide backlash. 
In a letter to UPenn’s Senior Vice President Wendy White on Dec. 7, Ross Stevens, founder and CEO of Stone Ridge Asset Management, said via his lawyers that his company would “retire” his donation units worth about $100 million from the university. The donation was supposed to fund the Stevens Center for Innovation in Finance at UPenn.

“Mr. Stevens and Stone Ridge are appalled by the University’s stance on anti-Semitism on campus,” the letter said. “Its permissive approach to hate speech calling for violence against Jews and laissez-faire attitude toward harassment and discrimination against Jewish students would violate any policies or rules that prohibit harassment and discrimination based on religion, including those of Stone Ridge.”

Along with UPenn’s position on campus anti-Semitism, Mr. Stevens and Stone Ridge also cited Ms. Magill’s move during and after the hearing for its decision to withdraw the donation.

“President Magill’s Dec. 6, 2023 post on X admitted as much when she belatedly acknowledged—belatedly acknowledged—only after her Congressional testimony went viral and demands for her termination amplified—that calls or genocide of the Jewish people constitute harassment and discrimination.”

The letter signals Ms. Magill to step down as a condition to discuss its donations. “Until then, there can be no meaningful discussion about remedying the University’s ongoing failure to honor its obligations,” the letter noted.

Stone Ridge is not the first donor that has terminated donations to UPenn for its poor response to the Oct. 7 Hamas terrorist attack on Israel.

In an Oct. 15 open letter to Ms. Magill and Chairman Scott Bok, venture capitalist David Magerman announced that he refuses “to donate another dollar to Penn” and that he is “deeply ashamed” about his association with the university.
Other UPenn donors, such as private equity billionaire Marc Rowan, hedge fund billionaire Cliff Asness, and former U.S. Ambassador Jon Huntsman, have also vowed to stop donating to the university.

The Testimony

During her testimony titled “Holding Campus Leaders Accountable and Confronting Anti-Semitism” on Dec. 5, Rep. Elise Stefanik (R-N.Y.) pressed Ms. Gay to answer whether “calling for the genocide of Jews violates Penn’s rules or code of conduct” regarding bullying or harassment.

Ms. Magill said, “It is a context-dependent decision.”

“That’s your testimony today? Calling for the genocide of Jews is depending upon the context? That is not bullying or harassment? This is the easiest question to answer ‘yes,’ Ms. Magill,” Ms. Stefanik said.

“So, it’s your testimony that you will not answer ‘yes’?”

Ms. Magill said: “If the speech becomes conduct, it can be harassment. Yes.”

Ms. Stefanik said: “‘Conduct’ meaning committing the act of genocide? The speech is not harassment? This is unacceptable.”

On Dec. 6, following the backlash, Ms. Magill posted a video on UPenn X to clarify her answer at the hearing.

“In that moment, I was focused on our university’s long-standing policies, aligned with the U.S. Constitution, which says that speech alone is not punishable,” she said. “I was not focused on, but I should have been, the irrefutable fact that a call for genocide of Jewish people is a call for some of the most terrible violence human beings can perpetrate. It’s evil, plain and simple.”

“In my view, it would be harassment or intimidation,” she added.

Ms. Magill called for a review of UPenn’s policies, which she said have long been guided by the U.S. Constitution but need to be “clarified and evaluated” as hate spreads across campus and around the world “in a way not seen in years.”

“Penn must initiate a serious and careful look at our policies, and Provost Jackson and I will immediately convene a process to do so.”

Harvard President Claudine Gay and Massachusetts Institute of Technology (MIT) President Sally Kornbluth have also faced backlash after their testimonies.

Call for Resignation

Pennsylvania Gov. Josh Shapiro, a Democrat, told reporters on Dec. 6 that Ms. Magill’s response was “an unacceptable statement.”

“I’ve said many times, leaders have a responsibility to speak and act with moral clarity. And Liz Magill failed to meet that simple test,” he said.

Mr. Shapiro also said it was time for the university’s board to make a “serious decision” about Ms. Magill’s leadership at the school.

On Wednesday, Ms. Stefanik told Fox News that all three presidents needed to be removed from their leadership positions, calling their answers “pathetic.” “They don’t deserve the dignity of resigning,” she said. “They need to be fired.”

In addition, on Dec. 7, six Pennsylvania GOP congressmen sent a letter to the UPenn Board of Trustees chair, calling the university to fire Ms. Magill.

“President Liz Magill’s actions in front of Congress were an embarrassment to the university, its student body, and its vast network of proud alumni,” Rep. Guy Reschenthaler (R-Pa.) said. “She has shown the entire world that she is either incapable or unwilling to combat anti-Semitism on the university’s campus and take care of its student body.”

An online petition demanding Ms. Magill to resign has more than 20,000 signatures by Dec. 8.

The UPenn Board of Trustees held an emergency meeting on Dec. 7, but it’s unclear if it was regarding Ms. Magill’s employment.

On Dec. 7, Chairwoman Virginia Foxx (R-N.C.) of the House Education and Workforce Committee announced that the committee had launched an investigation of Harvard, MIT, and UPenn. The panel said it would review the schools’ policies and disciplinary records and examine “their seemingly deplorable record.”

Beth Brelje and the Associated Press contributed to this report.