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UPenn loses $100M gift over antisemitism; Biden forgives $5 billion in student loan; McDonald’s new spinoff

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IN THIS WEEK’S EDITION

– University of Pennsylvania donor pulls $100 million gift after disastrous antisemitism hearing

– President Biden wipes out $5 billion in student loans for 80,000 borrowers

– McDonald’s debuts new restaurant spinoff CosMc’s

– Google makes massive AI upgrade, taking on Microsoft

– Apple recaptures new milestone, giving investors a holiday boost

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– November jobs report clouds next week’s Federal Reserve meeting

TOP STORY: $100 MILLION DONATION OFF THE TABLE 

Following University of Pennsylvania President Liz Magill’s testimony over antisemitism on campus, major donor Ross Stevens, founder and CEO of Stone Ridge Asset Management, said he and the firm “are appalled by the university’s stance on antisemitism on campus.”

Ross’s 2017 gift to Penn consisted of partnership units in the firm, now valued at around $100 million, to help the university establish a financial innovation center. Attorneys for Stevens sent the university a letter indicating the school violated Stone Ridge’s limited partnership agreement through its failure to adhere to anti-discrimination and anti-harassment rules. The news was first reported by Axios… continue reading here.

MIT President Sally Kornbluth and Harvard President Claudine Gay also came under fire for their weak responses.

UPenn President Liz Magill

Liz Magill, president of the University of Pennsylvania, during a House Education and Workforce Committee hearing in Washington, D.C., Dec. 5, 2023.

VIDEO: Presidents of Harvard, MIT and UPenn fail to address “rampant antisemitism” on campus in congressional hearings that drew more outrage from alumni.

BIDEN WIPES OUT $5 BILLION: 80,000 student loan borrowers got an early holiday windfall after President Biden announced he would forgive $5 billion in student loans… continue reading here. 

VIDEO: Shark Tank’s Kevin O’Leary called the move “un-American.”

President Biden, student loans

President Biden

MCDONALD’S 2.0: As Mickey D’s teed up its annual investor day, consumers spotted the first sighting of its new spinoff, CosMc’s. The fast-food chain followed up with an official announcement on the “small-format, beverage-led” brand, confirming it’s getting a small pilot test in the U.S. and gave investors more information about it along with a slew of other initiatives… continue reading here.

VIDEO: Meet McDonald’s CosMc’s restaurant.

GEMINI DEBUTS AS AI RACE HEATS UP: Google began the phased rollout of its latest artificial intelligence software, Gemini, in a highly anticipated release as tech giants aim to leapfrog each other… continue reading here.

This follows Microsoft’s deeper involvement with Sam Altman’s OpenAI after his firing and rehiring earned the company a non-voting seat on the board.

VIDEO: Meet the man who runs Google’s Bard.

APPLE SHINES: The maker of iPhones and Macs reclaimed its $3 trillion market cap. The tech giant first captured the milestone in June. So far this year, shares of Apple have gained 49%, outpacing the S&P 500’s 19%+ rise… read more Apple news here.

Tim Cook Apple Store iPhone 15

Apple CEO Tim Cook (center, left) stands next to Sofia Leyva of Argentina while she purchases Apple’s new iPhone 15 during a launch event at the Fifth Avenue Apple Store

JOBS REPORT ROUNDS OUT WALL STREET WEEK: All three of the major averages inched modestly higher for the week after the November jobs report came in hotter than expected, pushing the unemployment rate lower. Federal Reserve officials will mull this data and Tuesday’s consumer inflation numbers ahead of their final meeting of the year… continue reading here.

Fed Chairman Jerome Powell speaks during a press conference

Federal Reserve Chairman Jerome Powell speaks during a news conference after a Federal Open Market Committee meeting Sept. 20, 2023.

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Original article source: UPenn loses $100M gift over antisemitism; Biden forgives $5 billion in student loan; McDonald’s new spinoff

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