The recent campaign led by Apollo CEO Marc Rowan against the University of Pennsylvania’s leadership is gaining momentum and threatens to cause a potential $1 billion shortfall in the institution’s fundraising initiatives. Rowan, a former student at the university, cites an underlying atmosphere of antisemitism, including a lack of swift response to recent deadly attacks by Hamas, as the root of his objections.
The campaign has resonated with both potential and existing donors, and it is feared that the university’s $21 billion endowment could lose up to $1 billion due to dropping support. Rowan has made it clear he will not stand down until both Liz Magill, the current president, and Scott Bok, chair of the Board of Trustees, are removed from their positions.
This surge of support for Rowan’s initiative is said to be unparalleled in the realm of university endowment fundraising. Historically, high-profile alumni have chosen to keep their criticisms of university policies private and have avoided partaking in the contentious cultural discussions that frequently emerge on college campuses.
The increasing instances of antisemitism on campuses, coupled with the failure of administrators like Bok and Magill to condemn not only the terrorist attacks but also the support from students for such violent actions, may be shifting this trend. A turning point came in September when the university’s leadership disregarded warnings that pro-Palestinian student groups were hosting antisemitic speakers during a “Palestine Writes Literature Festival.”
Rowan was particularly disturbed to discover that student groups at the university were supportive of the Hamas terrorists who killed and kidnapped innocent Israelis in a horrific attack in October. The initial silence from the university’s administrators prompted Rowan to pen an open letter demanding the resignation of Magill and Bok, accusing them of fostering a climate of hate that condoned the violence and killing.
This open letter has since gained the support of approximately 7,000 current and potential donors and alumni, some of whom sit on the university’s Board of Trustees. Notable supporters include Ron Lauder of the Estée Lauder cosmetics empire and former UN Ambassador Jon Huntsman, whose family have also been long-time donors to the university.
Rowan has additionally claimed that Bok attempted to remove four board members who had signed his letter. The decision to remove Bok and Magill will ultimately lie with the 60-member board.
Rowan’s success in finance makes him a formidable adversary. A graduate of the university’s prestigious Wharton School of Business, Rowan’s estimated net worth is approximately $6 billion. His substantial network of wealthy contacts means that without his support, the university stands to lose a significant source of funding. In 2018, Rowan and his wife donated $50 million to the university.
Rowan’s campaign has ruffled feathers within the university’s leadership. Bok and Magill have reportedly been reaching out to alumni and board members in a bid to maintain their positions. However, as one private equity official noted, the University of Pennsylvania stands to lose hundreds of millions of dollars unless Bok and Magill are removed.
The infiltration of far-left ideologies in prestigious universities has been an ongoing issue. These ideologies often push narratives such as America being systemically racist and Israel being a partner in alleged attempts to colonise the Arab world. The outcome of such indoctrination is the alarming acceptance and even romanticising of the murder of Jews by terrorists among some college students.
