Donor pulls $100 million from Penn, says he may reconsider if Magill is replaced
The letter asserts that Penn has violated the terms of its agreement with Stevens, via law or rule violations that are 'materially injurious to business, reputation, character or standing.'
After University of Pennsylvania President Liz Magill testified before Congress that “calling for the genocide of Jews” on campus does not necessarily violate university rules, the school lost a $100 million donation. The megadonor says he is willing to reconsider— as soon as Magill is replaced.
Ross Stevens, CEO of Stone Ridge Asset Management, is a graduate of Penn’s Wharton Business School. In 2019, the school announced a new Stevens Center for Innovation in Finance. In 2017, Stevens donated limited partnership units in Stone Ridge, to fund the center.
A Thursday letter from Stevens’ attorneys to Penn’s Senior Vice President & General Counsel Wendy White stated that Stevens plans to withdraw his donation, valued at approximately $100 million.
BREAKING: Ross Stevens, CEO of Stone Ridge Asset Management, sent a letter to @Penn telling them that he is withdrawing a $100M donation over President Liz Magill’s anti-semitism comments before Congress.
via @axios https://t.co/mjqc4X1yJm pic.twitter.com/hX2QO2G97x— Greg Price (@greg_price11) December 7, 2023
The letter asserts that Penn has violated the terms of its agreement with Stevens, via law or rule violations that are “materially injurious to business, reputation, character or standing.”
“Among the rules applicable to Stone Ridge are its own anti-discrimination and anti-harassment policies and the laws of New York state that prohibit workplace discrimination and harassment.”
“[Penn’s] 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,” reads the letter.
The letter closes by stating that Stevens and his firm would “would welcome the opportunity to discuss this matter further” and give Pen a “chance to remedy” the situation, but only “if, and when, there is a new University President in place.”
“Until then, there can be no meaningful discussion about remedying the University’s ongoing failure to honor its obligations.”