Wall Street CEO tells Penn president: Resign or I'll pull $100 million

• 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 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.

The threat comes after Magill's testimony to Congress earlier this week, in which she evaded questions on antisemitism and failed to answer if calling for a Jewish genocide was against the school's code of conduct.

Her answer, along with similar answers from the presidents of Harvard and MIT, were met with intense criticism. Billionaire Bill Ackman called for the three presidents to "resign in disgrace" following the hearing.

Magill later released a video around 7 p.m. on Wednesday, after an online uproar called the university's policies on free speech and harassment into question.

"In that moment, I was focused on our university's longstanding policies aligned with the US Constitution, which say that speech alone is not punishable," Magill said in the video. "I was not focused on, but I should have been, 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. It's evil — plain and simple."

Read the full letter Stevens sent to his staff at Stone Ridge: