'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

A UPenn donor has pulled his $100million donation after a controversial congress appearance by the university's president. 

Hedge fund titan Ross Stevens said he was 'appalled' by University of Pennsylvania president Elizabeth Magill, who avoided questions on punishments for students calling for the genocide of Jews during an appearance in congress.

Magill was joined by Harvard President Claudine Gay and MIT's Sally Kornbluth at the meeting with representatives. 

Stevens, who is the founder and CEO of Stone Ridge Asset Management, wrote in an email seen by the BBC: 'I have clear grounds to rescind Penn's $100 million of Stone Ridge shares due to the conduct of President Magill.'

He added that UPenn's 'permissive approach' to students calling for violence against Jews would go against any policies on harassment and discrimination. 

Stevens' $100million donation in form of a limited partnership with Stone Ridge, was given in 2017 to help UPenn's prestigious business school Wharton create a finance innovation centre.

Ivy League university Penn and other colleges have seen angry protests and a rise in antisemitic as well as Islamophobic attacks since the war between Israel and Hamas started on October 7.

University presidents have now seen backlash against their responses during the congress appearance, in particular over the lack of reply after New York congresswoman Elise Stefanik asked: 'Does calling for the genocide of Jews violate [your university's] code of conduct or rules regarding bullying and harassment? Yes or no?' 

Neither Magill nor Gay and Kornbluth replied yes or no but all said it depended on the 'context' in which the statement was made.

Senator for New York Kirsten Gillibrand called the president's answers 'abhorrent'.

Magill published a video apology, in which she said her response was based on her focus on the 'university's long-standing policies - aligned with the US Constitution - which say that speech alone is not punishable'.

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 some of the most terrible violence human beings can perpetrate', because that is 'evil, plain and simple'.

Despite her apology, Magill is still facing calls to resign and Stevens' letter appears to add fuel to the fire, as he said his company would happily review the decision to withdraw the donation 'if, and when, there is a new University President in place'.

UPenn's Board of Trustees chair Scott Bok will reportedly speak to Magill about potentially resigning this week, according to CNN. 

The House Committee on Education & the Workforce announced yesterday that they will formally investigative UPenn, Harvard and MIT over 'rampant antisemitism'.

Chairwoman Virginia Foxx said in a statement to CNN: 'Committee members have deep concerns with their leadership and their failure to take steps to provide Jewish students the safe learning environment they are due under law.'

The Department of Education also launched a probe into multiple colleges over the alleged incidents of both antisemitism and Islamophobia.