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

Published on December 9, 2023

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.”...

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