University of Pennsylvania President Liz Magill
University of Pennsylvania President Liz MagillReuters/Graeme Sloan/Sipa USA

University of Pennsylvania's President Liz Magill has voluntarily tendered her resignation as President of the University of Pennsylvania, reports said.

Magill will still remain a tenured faculty member at Penn Carey Law.

Resigning her position, Magill shared, "It has been my privilege to serve as President of this remarkable institution. It has been an honor to work with our faculty, students, staff, alumni, and community members to advance Penn's vital missions."

On Friday, Ross Stevens, a Penn alumnus and the CEO of Stone Ridge Asset Management, said in a note to employees that "absent a change in leadership and values at Penn in the very near future," he plans to rescind $100 million worth of shares in his company currently held by the university "to prevent any further reputational and other damage to Stone Ridge as a result of our relationship with Penn and Liz Magill."

Earlier this week, at a congressional hearing on campus antisemitism, Magill was asked by Rep. Elise Stefanik whether "calling for the genocide of Jews" is against the universities' respective codes of conduct.

Responding to this, Magill said that "it is a context-dependent decision," leading Stefanik to reply, "Calling for the genocide of Jews is dependent on the context? That is not bullying or harassment? This is the easiest question to answer 'yes,' Ms. Magill."

Magill later sought to clarify her statements, saying in a video posted to social media, "I was focused on our University's long standing policies aligned with the US Constitution, which say that speech alone is not punishable. 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."

"I want to be clear. A call for genocide of Jewish people is threatening – deeply so. It is intentionally meant to terrify a people who have been subjected to pogroms and hatred for centuries and were the victims of mass genocide in the Holocaust. In my view, it would be harassment or intimidation."