Billionaire Ron Lauder threatened to cut off contributions to the University of Pennsylvania (UPenn) after an antisemitism issue at the school.

The announcement was made following UPenn's allowing people with histories of "outright antisemitism" to speak at an event on campus despite Lauder's pleas. On Monday, a letter that the billionaire sent UPenn President Liz Magill criticized the Ivy League institution for hosting the controversial "Palestine Writes Literature Festival" last September.

UPenn Donors Cut Contributions

In his letter, Lauder said that he previously told the school that the people it invited had a history of strong anti-Israel bias and outright antisemitism. He argued that the university was already quite aware of that fact.

Lauder is the president of the World Jewish Congress and said that the timing of the alleged antisemitism event could not have been worse. His remarks reference the terrorist attacks that the Hamas militant group launched on Israel earlier this month, as per Fox Business.

The billionaire added that he did not want any of the students at The Lauder Institute, who are the best and brightest at the school, to be taught by any instructors involved or supported the event. He added that they were putting bias against Israel ahead of academic honesty.

The university's decision to host the "Palestine Writes" festival was widely condemned last month by many prominent Jewish groups, alumni, trustees, and current Penn students. They also urged the school's president and faculty to take immediate steps to ban the event on campus due to the slate of speakers that included people who have repeatedly called for "death to Israel" and referred to the Jewish state as a "tumor."

While Lauder has not yet ruled out future donations to UPenn, several other donors have already cut such contributions because of the terrorist attack on Israel. These include former Utah Gov. John Huntsman.

Read Also: Readout of Biden's Remarks on Hamas's Sabbath Attack, Resilience of Israel

Palestine Writes Event

Another major donor, venture capitalist David Magerman, became the latest to cut off financial support to the university. He called for all "self-respecting" Jews to do the same as he did by breaking away from the school, according to CNN.

Cliff Asness, a hedge fund billionaire, was also cutting off donations to UPenn as several other high-profile donors have pulled contributions to the university. They argued that the school did not do enough to condemn the "Palestine Writes" event.

Asness is the founder of AQR Capital Management and has an estimated net worth of $1.6 billion. In his letter to Magill, he said he was 100% in support of free speech but argued that the Ivy League School's actions were asymmetrical.

The 57-year-old revealed that he just recently finished a large five-year pledge to the university and will not consider making another unless meaningful change is evident. Asness said that he did not like making the entire issue just about money.

Magill responded to widespread criticism in a co-authored letter with other university heads. After the event's conclusion, she said UPenn stood empathetically against the terrorist attacks by Hamas in Israel, according to the New York Post.

Related Article: Capitol Police Arrest Pro-Palestine Protesters Demanding for Gaza Ceasefire