Ross Stevens, co-founder of Stone Ridge Asset Management, has withdrawn a $100 million donation to the University of Pennsylvania.
The House Committee on Education & the Workforce has announced a formal investigation into the University of Pennsylvania, Harvard, and the Massachusetts Institute of Technology over allegations of 'rampant antisemitism.'
The university's stance on combating antisemitism was cited as the primary reason for the withdrawal of the donation.
Ross Stevens, co-founder of Stone Ridge Asset Management and a 1991 graduate of the University of Pennsylvania, has withdrawn a $100 million donation to the university. The donation was initially pledged to fund the Stevens Center for Innovation in Finance at the university's Wharton School. The decision to rescind the donation comes in the wake of a congressional hearing on antisemitism, during which the university's president, Liz Magill, was criticized for her handling of antisemitism on campus and her definition of harassment.
The university's stance on combating antisemitism was cited as the primary reason for the withdrawal of the donation. Stevens and his legal representatives claim that the university violated anti-discrimination and anti-harassment policies it had accepted as an investor. The university's alleged 'permissive approach' to hate speech and discrimination against Jewish students was also criticized.
The incident has sparked a formal investigation into the University of Pennsylvania, along with Harvard and the Massachusetts Institute of Technology, by the House Committee on Education & the Workforce over allegations of 'rampant antisemitism.' The university's board of trustees held an emergency meeting in response to the withdrawal of the donation and the ensuing controversy.
This incident is not isolated, as it follows similar cases of donors withdrawing contributions from universities in response to student-led protests critical of Israel. The issue of antisemitism on college campuses has also been a topic of discussion in the political sphere, with Rep. Rashida Tlaib denouncing the weaponization of antisemitism on college campuses.
This incident follows similar cases of donors withdrawing contributions from universities in response to student-led protests critical of Israel.
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Stevens argued in a letter to school officials on Thursday the school violated the terms of that agreement, saying the school has maintained a “permissive approach to hate speech calling for violence against Jews and laissez faire attitude toward harassment and discrimination against Jewish students.”
The House Committee on Education & the Workforce has announced a formal investigation into Harvard, the University of Pennsylvania, and the Massachusetts Institute of Technology over 'rampant antisemitism.'
