UPenn just lost a huge donation…
According to an Axios report, Ross Stevens, founder and CEO of Stone Ridge Asset Management, has withdrawn his $100M dollar gift to the University of Pennsylvania after President Liz Magill failed to fully denounce antisemitic activity taking place on her campus during a hearing on the hill this week.
Stevens, in a letter from his lawyers, says UPenn violated the terms of their limited partnership agreement.
Referring to Penn, Stevens’ attorneys write: “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.”
According to Axios, “this isn’t the first time that Stevens has used his pocketbook to express disagreement with Penn policies. Earlier, he redirected a different $100 million gift from Penn’s business school to the University of Chicago.”
“According to the New York Times, Stevens ‘changed his mind because he thought the school was prioritizing D.E.I. over enhancing the business school’s academic excellence.'”
NEW: A wealthy donor to the University of Pennsylvania is withdrawing a gift worth around $100 million in protest of the school's response to antisemitism on campus. https://t.co/tIoWzhT9od
— Axios (@axios) December 7, 2023