‘Appalled’ hedge fund titan Ross Stevens withdraws his $100million donation to UPenn after its president Liz Magill refused to condemn calls for the genocide of Jews
- Magill said the “context” in which these statements are made must be taken into account
A UPenn donor has withdrawn his $100 million donation following a controversial congressional appearance by the university's president.
Hedge fund titan Ross Stevens said he was “shocked” by University of Pennsylvania President Elizabeth Magill, who avoided questions during a congressional appearance about punishment for students who called for the genocide of Jews.
Magill was joined at the meeting with representatives by Harvard President Claudine Gay and MIT's Sally Kornbluth.
Stevens, the founder and CEO of Stone Ridge Asset Management, wrote in an email seen by the BBC: 'I have clear grounds to revoke Penn's $100 million of stock in Stone Ridge because of President Magill's conduct.'
He added that UPenn's “tolerant approach” toward students calling for violence against Jews would violate any harassment and discrimination policy.
Hedge fund titan Ross Stevens (pictured) said he was 'shocked' by University of Pennsylvania President Elizabeth Magill who avoided questions about punishment for students who called for the genocide of Jews during a congressional appearance
Magill (pictured during the conference appearance) did not answer yes or no to the question of whether calling for the genocide of Jews violated the university's code of conduct, but said it depended on the “context” in which the statement was made.
Stevens' $100 million donation in the form of a limited partnership with Stone Ridge was given in 2017 to help UPenn's prestigious business school Wharton create a financial innovation center.
Ivy League university Penn and other colleges have seen angry protests and an increase in both anti-Semitic and Islamophobic attacks since the war between Israel and Hamas began on October 7.
University presidents have now seen backlash for their responses during the congressional appearance, especially due to the lack of response after New York Congresswoman Elise Stefanik asked, “Is the call for genocide of the Jews inconsistent [your university’s] code of conduct or rules regarding bullying and intimidation? Yes or no?'
Neither Magill nor Gay and Kornbluth answered yes or no, but all said it depended on the “context” in which the statement was made.
New York Senator Kirsten Gillibrand called the president's answers “abhorrent.”
Magill released a video apology, saying her response was based on her focus on the university's “long-standing policy – consistent with the U.S. Constitution – that speech alone is not a criminal offense.”
But instead, she said her focus should have been on the “irrefutable fact that a call for genocide of Jewish people is a call for the most terrible violence that human beings can commit,” because that is “evil, plain and simple.”
Despite her apology, Magill continues to face calls to resign and Stevens' letter appears to add fuel to the fire as he said his company would be happy to review the decision to withdraw the donation “if, and when, a new university president in place'.
Scott Bok, chairman of UPenn's Board of Trustees, will reportedly speak with Magill this week about possibly resigning, according to CNN.
The House Committee on Education & the Workforce announced yesterday that they will formally investigate UPenn, Harvard and MIT for “rampant anti-Semitism.”
Chairman Virginia Foxx said in a statement to CNN: “Committee members are deeply concerned about their leadership and their failure to take steps to provide Jewish students with the safe learning environment they are owed under the law.”
The Ministry of Education also launched an investigation into several colleges into the alleged incidents of both anti-Semitism and Islamophobia.