UPenn loses donors due to Israel-Hamas conflict and pro-Palestine event.
University of Pennsylvania Faces Backlash from Donors Over Israel-Hamas War and Alleged Antisemitism
The University of Pennsylvania (UPenn) is experiencing a decline in financial support from influential donors due to its handling of the ongoing Israel-Hamas war and allegations of antisemitism on campus.
Billionaire Clifford Asness, an alumnus of UPenn, is the latest major donor to distance himself from the prestigious Ivy League institution.
In a scathing letter addressed to UPenn President Elizabeth Magill on October 16, Mr. Asness criticized the university for straying from the principles of freedom of thought and expression. He specifically called out UPenn’s hosting of a Palestinian literature festival in September, describing it as an “antisemitic Burning Man festival.”
“Of course, most distressing to me was your first statement making vague equivalences between the intentional murder of children (and others) by terrorists and the accidental injury to children that sadly occurs when murdering terrorists hide behind children to escape justice,” wrote the 57-year-old billionaire.
Mr. Asness also revealed that he had fulfilled his five-year pledge payments to UPenn and would not consider further donations until significant changes are made.
Clifford Asness, a hedge fund manager and co-founder of AQR Capital Management, which oversees $100 billion in assets, is worth $1.6 billion according to Forbes. His decision to withdraw funding from UPenn is not an isolated incident.
Marc Rowan, CEO of Apollo Global Management and a generous UPenn alumnus who, along with his wife, donated $50 million to the school in 2018, was among the first high-profile donors to halt contributions.
In a letter published by eJewish Philanthropy, Mr. Rowan expressed his disappointment with UPenn’s failure to condemn the Palestine Writes festival, stating, “Two weeks and more than 1,000 slaughtered and kidnapped Israeli civilians later, UPenn has still not condemned the hate-filled Palestine Writes festival.”
He called on all UPenn alumni and supporters who disagree with the university’s current direction to withhold funding until President Magill and Chairman Scott L. Bok step down.
“It is time for the trustees to begin moving UPenn in a new direction. Join me and many others who love UPenn by sending the university $1 in place of your normal discretionary contribution, so that no one misses the point,” he stated.
Tensions Rise Amid Israel-Hamas War
The impact of discussions surrounding the Israel-Hamas conflict on college campuses extends beyond academia, as alumni donors and potential employers scrutinize the responses of students and school leaders.
At Harvard, the backlash has already led to the Wexner Foundation, a philanthropic organization established by Leslie Wexner and his wife, severing ties with the university after 34 years of partnership. The foundation cited Harvard’s handling of Hamas’ attacks as ”tiptoeing” and “equivocating,” according to the Harvard Crimson.
Additionally, several law firms, including Davis Polk & Wardwell and Winston & Strawn, have rescinded job offers from students who signed or drafted public statements holding Israel accountable for the tragic loss of life in the Hamas attack.
What steps can universities take to address concerns of antisemitism on campus and maintain a diverse and inclusive environment?
University of Pennsylvania (UPenn) is facing criticism and a decline in financial support from influential donors due to its handling of the ongoing Israel-Hamas war and allegations of antisemitism on campus. This backlash highlights the challenges universities face in navigating sensitive political issues while maintaining support from their donors.
Billionaire Clifford Asness, an alumnus of UPenn, is the latest major donor to distance himself from the prestigious Ivy League institution. In a scathing letter addressed to UPenn President Elizabeth Magill, Mr. Asness criticized the university for straying from the principles of freedom of thought and expression. He specifically called out UPenn’s hosting of a Palestinian literature festival in September, describing it as an “antisemitic Burning Man festival.”
Mr. Asness expressed his distress over UPenn’s vague equivalences between the intentional murder of children by terrorists and accidental injuries to children that occur when terrorists hide behind them. He announced that he had fulfilled his five-year pledge payments to UPenn and would not consider further donations until significant changes are made.
Clifford Asness, a hedge fund manager and co-founder of AQR Capital Management, which oversees $100 billion in assets, is worth $1.6 billion according to Forbes. His decision to withdraw funding from UPenn is not an isolated incident. It reflects broader concerns among donors about the university’s handling of the Israel-Hamas conflict and allegations of antisemitism.
The current controversy at UPenn highlights the delicate balance universities must maintain. On one hand, they must strive to promote freedom of thought and expression on campus and allow for a diversity of perspectives. On the other hand, they must address concerns about bigotry and discrimination, including allegations of antisemitism.
Universities have a responsibility to foster a safe and inclusive environment for all students, regardless of their backgrounds. It is crucial for them to address any allegations of antisemitism
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