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- A major Penn donor has threatened to withdraw a $100 million gift if its president doesn't resign.
- The donor, Ross Stevens, wrote about the decision in a letter to his staff.
- The letter comes after Penn's president gave a widely criticized testimony to Congress.
The University of Pennsylvania could lose a $100 million gift if its president, Elizabeth Magill, does not step down.
Ross Stevens, the founder and CEO of Stone Ridge Asset Management, detailed his decision to potentially pull the gift in a letter to his staff. He said that, given the structure of his deal with the elite university, he has the ability to pull the funding.