In a bold move that has sent ripples through academic circles, Ross Stevens, CEO of Stone Ridge Asset Management, has threatened to retract his $100 million contribution to the University of Pennsylvania. This ultimatum comes in the wake of a controversial congressional testimony by UPenn President Liz Magill, which Stevens and others have criticized for not sufficiently addressing issues of antisemitism on campus.
Stevens, a prominent figure in the financial world, asserted that he has valid reasons to withdraw his donation. He has reportedly involved the law firm Davis Polk to communicate his intentions to the university. “In the absence of significant changes in leadership and ethos at Penn, I am prepared to take back the donation of Stone Ridge shares, to safeguard our firm from any further harm due to our association with Penn and Liz Magill,” said a letter from Stevens, as per sources.
The university, in response to these developments, has maintained a reserved stance. “We cannot comment on the individual choices of our donors,” stated a UPenn spokesperson.
President Magill, facing mounting pressure, issued an apology for her statements to Congress, which some have deemed insufficient in addressing the severity of the issue. This incident has prompted the university’s Board of Trustees to convene an emergency Zoom meeting, reportedly attended by a representative of Pennsylvania Governor Josh Shapiro. Shapiro has openly criticized Magill’s congressional testimony.
During the meeting, the board members appeared divided, with some advocating for Magill’s resignation and others supporting her. Scott Bok, Chairman of the Board of Trustees, has also come under scrutiny. The board plans to hold another meeting soon to deliberate further.
Gov. Shapiro’s office, approached for comment, has not provided a response.
Adding to the pressure on Magill is the stance taken by the Wharton Board of Trustees, chaired by Apollo CEO Marc Rowan. This influential group, comprising notable business leaders like Ronald Perelman, Ken Moelis, and Josh Harris, has also called for a change in leadership.
Rowan has been vocal in encouraging UPenn alumni to withhold donations, citing the rise of antisemitism on campus. “Your testimony in Congress has confirmed that the university’s leadership does not align with our board’s values. We believe the university urgently needs new leadership,” read a letter from the group to Magill.
The group has proposed several amendments to the Wharton Code of Conduct, emphasizing the importance of language that does not incite violence or threaten safety on campus. In a video posted on the university’s website, Magill attempted to clarify her congressional testimony, emphasizing her condemnation of calls for genocide as “evil, plain and simple,” but also noting the challenges posed by university policies and constitutional free speech protections.
This controversy follows previous tensions within the university’s board, including a failed no-confidence motion against Chair Scott Bok. Amid these developments, the university’s leadership has been criticized for its handling of issues affecting Jewish students on campus.