Harvard University is grappling with a significant blow to its reputation and finances as billionaire investor and influential Harvard alum, Bill Ackman, demands the termination of President Claudine Gay. Ackman claims that Gay’s mishandling of antisemitism on campus since the October 7 terrorist attack by Hamas on Israel has cost the university over a billion dollars in donations. In a letter posted on social media, Ackman argued that Gay has done more damage to Harvard’s reputation than any other individual in its nearly 500-year history.
Ackman, the CEO of Pershing Square Capital Management, has been an outspoken critic of Gay’s leadership, accusing her of failing to address the rise of antisemitism on campus. He alleges that her handling of the issue has led to significant donors withdrawing their support, resulting in billions of dollars in lost donations. Ackman claims to have personally witnessed terminated donations from a group of Harvard’s most generous Jewish and non-Jewish alumni.
The push for Gay’s termination began following her testimony at a House committee hearing on the rise of antisemitism on college campuses, where she refused to acknowledge that calling for the genocide of Jews breached university rules. Ackman also called for the resignations of University of Pennsylvania President Liz Magill and MIT President Dr. Sally Kornbluth, who made similar statements at the hearing. Magill has since stepped down as president but will remain as a faculty member at the university’s law school.
Ackman further criticized Harvard’s diversity, equity, and inclusion (DEI) policies, suggesting that Gay’s appointment as president was influenced by these initiatives. He called for the closure of the university’s Office of Equity, Diversity, Inclusion, and Belonging (OEDIB), claiming it contributes to discriminatory practices on campus and damages the sense of community at Harvard.
While Harvard’s board has faced pressure from various stakeholders to take action against Gay, including donors, students, faculty, and members of Congress, there are also supporters who advocate for her remaining in office. Nearly 700 Harvard faculty members signed a letter urging the board to defend the university’s independence and resist external pressures. They argue that removing Gay would compromise academic freedom and the culture of free inquiry.
Harvard’s board held a meeting on Sunday, which is expected to continue into Monday, to discuss the ongoing situation. The university has not provided an immediate response to Ackman’s latest letter.
The loss of billions of dollars in donations and the controversy surrounding Gay’s leadership have cast a shadow over Harvard’s reputation. The outcome of the board’s deliberations will have significant implications for the future of the institution and its commitment to addressing antisemitism on campus.
