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BDS Could Cost Universities Billions of Dollars, New ADL Report Says
Signs cover the fence at a pro-Palestinian encampment at Northwestern University in Evanston, Ill. on April 28, 2024. Photo: Max Herman via Reuters Connect.
Colleges and universities will lose tens of billions of dollars collectively from their endowments if they capitulate to demands to divest from Israel and companies that do business with it, according to a new report released on Thursday by JLens, a Jewish investor network that is part of the Anti-Defamation League (ADL).
Titled “The Impact of Israel Divestment on Equity Portfolios: Forecasting BDS’s Financial Toll on University Endowments,” the report presents the potential financial impact of universities adopting the boycott, divestment, and sanctions (BDS) movement, which seeks to isolate Israel from the international community as a step toward its eventual elimination.
The ADL describes its report as “the first of its kind” to measure the havoc BDS would wreak on university endowments, the core of a higher education institution’s financial health, by quantifying the returns for investment portfolios purged of Israel-linked companies.
“Our research demonstrates that university endowments that divest from Israel could face significant financial consequences,” JLens managing director Ari Hoffnung said in a statement. “Lower investment returns could compromise a university’s ability to provide scholarships, fund research, and invest in campus facilities.”
The numbers are harrowing. Adopting BDS, according to the report, would incinerate $33.21 billion of future returns for the 100 largest university endowments over the next 10 years, with Harvard University losing $2.5 billion and the University of Texas losing $2.2 billion. Other schools would forfeit over $1 billion, including the University of Pennsylvania, Stanford University, and Princeton University. For others, such as the University of Michigan and Dartmouth College, the damages would total in the hundreds of millions.
“This groundbreaking report approached the morally problematic BDS movement from an entirely new direction — its negative impact on portfolio returns,” New York University adjunct professor Michael Lustig said in a statement extolling the report. “JLens has done a great job in quantifying the financial effects of implementing the suggestions of this pernicious movement, and importantly, they ‘show their work’ by providing full transparency into their methodology, and properly caveat the points where assumptions must necessarily be made. This report will prove to be an important tool in helping to fight noxious BDS advocacy.”
The report adds that BDS proponents are capricious, making them unreliable investment advisers. They will add a company to the BDS “target list” for appearing to do business with Israel or Israeli companies and then fail to remove it even after the business ends. For example, JLens notes that BDS continues to name Microsoft as a “target” four years after it sold its stake in the Israeli software company AllVision. BDS proponents also offer conflicting reasons for divestment, with some limiting their grievance to the sale of weapons to the Israeli military and others aiming to halt any and all economic activity with Israel. Despite these inconsistencies, BDS proponents claim to speak with a unified voice.
“Additionally, the landscape of companies doing business in Israel is vast and ever-changing, making it challenging to compile a definitive list of BDS targets and that does not become quickly outdated,” JLens explained. “The list of potential BDS targets can expand at any time due to evolving geopolitical events and misguided activists campaigns. This dynamic nature of BDS targeting was exemplified during the editting phase of this research report, when BDS proponents expanded their calls for boycotts and divestments to include major corporations like Coca-Cola … this recent addition underscores the fluid nature of BDS campaigns and the potential for rapid shifts in targeted companies.”
American universities are largely rejecting demands to divest from Israel and entities linked to the Jewish state, but some have embraced divestment or other policies approximating it, Inside Higher Ed reported earlier this month, noting that California State University-Sacramento has said it will not invest in companies which “profit from genocide, ethnic cleansing, and activities that violate fundamental human rights,” an ambiguous turn of phrase that does not specifically mention Israel. Additionally, the outlet added, Union Theological Seminary in the City of New York has committed to implementing “socially responsible investment screens” that prevent investments in companies “substantially and intractably benefiting from the war in Palestine.”
As The Algemeiner has previously reported, Brown University’s Corporation of trustees will soon vote on a divestment proposal based on the demands of a group which calls itself the Brown Divest Coalition (BDC). According to The Brown Daily Herald, Brown president Christina Paxson initially only promised the protesters a meeting with members of the Brown Corporation, but the students pushed for more concessions and ultimately coaxed her into making divestment a real possibility.
JLens says in its report that Brown would lose $309 million dollars if it chooses to accept the investment advice of its undergraduates. The mere possibility of it is already causing damage. Earlier this month, a trustee of the Brown Corporation, Joseph Edelman, resigned from his position, citing the upcoming vote.
“It’s no coincidence that leading pro-boycott groups have ties to terrorist organizations that seek the annihilation of the Jewish people,” he wrote in an op-ed, published by the Wall Street Journal, announcing his resignation. “In the end, that is the goal of the BDS movement, and I can’t accept the treatment of a hate movement as legitimate and deserving of a hearing. Brown’s policy of appeasement won’t work. It’s a capitulation to the very hatred that led to the Holocaust and the unspeakable horrors of Oct. 7.”
Follow Dion J. Pierre @DionJ.Pierre.
The post BDS Could Cost Universities Billions of Dollars, New ADL Report Says first appeared on Algemeiner.com.
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South Africa Distances Itself From Army Chief’s Pledges of Military, Political Support to Iran
Iranian Major General Amir Hatami and South African General Rudzani Maphwanya meet in Tehran to discuss strengthening military cooperation and strategic ties. Photo: Screenshot
South Africa’s army chief has faced domestic backlash after pledging military and political support to Iran during a recent visit, prompting government officials to distance themselves from his remarks over concerns they could harm Pretoria’s efforts to strengthen ties with the United States.
Members of South Africa’s governing coalition have denounced Gen. Rudzani Maphwanya, chief of the South African National Defense Force (SANDF), for his trip to Tehran earlier this week, describing his remarks as “reckless grandstanding.”
The Democratic Alliance (DA), South Africa’s second-largest party in the governing coalition, has called for Maphwanya to be court-martialed for breaking neutrality and violating military law, saying his comments had gone “beyond military-to-military discussions and entered the realm of foreign policy.”
“This reckless grandstanding comes at a time when South Africa’s relations with key democratic partners, especially the United States, are already under severe strain,” DA defense spokesperson Chris Hattingh said in a statement.
“The SANDF’s job is to lead and manage the defense forces, not to act as an unsanctioned political envoy. Allowing our most senior military officer to make partisan foreign policy pronouncements is strategically reckless, diplomatically irresponsible, and economically self-defeating,” he continued.
“South Africa cannot afford to have its international standing further sabotaged by political adventurism from the military’s top brass,” Hattingh said.
Iran and South Africa held high-level military talks earlier this week as both nations seek to deepen cooperation and strengthen their partnership against what officials called “global arrogance and aggressive colonial approaches.”
During a joint press conference with Iranian Maj. Gen. Amir Hatami, Maphwanya called for deeper ties between the two nations, especially in defense cooperation, affirming that “the Republic of South Africa and the Islamic Republic of Iran have common goals.”
“We always stand alongside the oppressed and defenseless people of the world,” the South African general said.
He also criticized Israel over the ongoing war in Gaza, expressed support for the Palestinian people, and told Iranian officials that his visit “conveys a political message” on behalf of President Cyril Ramaphosa’s administration.
However, shortly after Maphwanya’s remarks drew media attention, the South African government moved to distance itself from his comments, with the Foreign Affairs Ministry stating that his comments “do not represent the government’s official foreign policy stance.”
The Defense Department, which described Maphwanya’s comments as “unfortunate,” confirmed that he is now expected to meet with the Minister of Defense and Military Veterans, Angie Motshekga, upon his return to provide explanations.
Ramaphosa’s spokesperson, Vincent Magwenya, clarified that the president was neither aware of the trip nor had he sanctioned it.
“The visit was ill-advised and more so, the expectation is that the general should have been a lot more circumspect with the comments he makes,” Magwenya told reporters during a press conference on Thursday.
“It is crucial to clarify that the implementation of South Africa’s foreign policy is a function of the presidency,” he continued. “Any statements made by an individual, or a department other than those responsible for foreign policy, should not be misinterpreted as the official position of the South African government.”
Maphwanya’s trip to Iran came after the Middle East Africa Research Institute (MEARI) released a recent report detailing how South Africa’s deepening ties with Tehran have led the country to compromise its democratic foundations and constitutional principles by aligning itself with a regime internationally condemned for terrorism, repression, and human rights abuses.
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Democrat Pete Buttigieg Toughens Stance on Israel, Says He Backs Arms Embargo Following Left-Wing Pressure
Former US Transportation Secretary Pete Buttigieg speaks during an appearance on the “Pod Save America” podcast on Aug. 10, 2025. Photo: Screenshot
Former US Transportation Secretary Pete Buttigieg, a Democrat considered by many observers to be a potential 2028 presidential candidate, has recalibrated his stance on Israel, moving from cautious language to a far more critical position after facing backlash over recent comments on the popular “Pod Save America” podcast.
In his podcast interview on Sunday, Buttigieg called Israel “a friend” and said the United States should “put your arm around” the country during difficult times. He also sidestepped a direct answer on whether the US should recognize a Palestinian state, describing the question as “profound” but offering little elaboration beyond calls for peace.
That measured approach drew sharp criticism from progressives and foreign policy voices who argued that his words were too vague amid the ongoing war in Gaza and a shifting sentiment within the Democratic party base regarding Israel. Evolving fault lines within the Democratic Party over US policy toward its staunch Middle Eastern ally signal that the issue could loom large in the 2028 presidential primary.
Following Sunday’s interview, US Rep. Ro Khanna (D-CA) urged Buttigieg to show “moral clarity,” while Ben Rhodes, former White House aide to President Barack Obama, said he was left uncertain where the Cabinet official stood. Social media critics accused Buttigieg of offering platitudes that dodged hard policy commitments.
In a follow-up interview with Politico published on Thursday, Buttigieg took a decidedly tougher line. He said he supports recognizing a Palestinian state as part of a two-state solution and ending the decades-long practice of providing military aid to the Jewish state through sweeping, multi-year packages. Instead, he called for a case-by-case review of assistance, while emphasizing the need to stop civilian deaths, release hostages, and ensure unimpeded humanitarian aid to Gaza.
Perhaps most significantly, Buttigieg indicated support for a US arms embargo on Israel, saying he would have signed on to Sen. Bernie Sanders’s recently proposed resolution to prohibit arms sales to the Jewish state.
The shift places Buttigieg closer to the party’s progressive flank on foreign policy, a notable change for a figure often viewed as a bridge between the Democratic establishment and younger, more liberal voters. For a likely 2028 contender, the move reflects both the political risks of appearing out of step with an increasingly skeptical base and the growing influence of voices calling for sharper limits on US support for Israel.
Recent polling shows a generational divide on the issue, with younger Democrats far more likely to back conditioning aid to Israel and recognizing Palestinian statehood.
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Former Algemeiner Correspondent Gidon Ben-Zvi Dies at 51
Gidon Ben-Zvi. Photo: Screenshot
Gidon Ben-Zvi, former Jerusalem Correspondent for The Algemeiner, has died at the age of 51 after a fight with cancer.
Ben-Zvi continued to write op-eds for The Algemeiner even after he left as a correspondent, including in the aftermath of Hamas’s Oct. 7, 2023, massacre across southern Israel.
An accomplished writer, Ben-Zvi left Hollywood for Jerusalem in 2009, moving back to Israel after spending 12 years in the United States. From 1994-1997, Gidon served in the Israel Defense Forces (IDF), in an infantry unit.
In addition to writing for The Algemeiner, Ben-Zvi contributed to the Times of Israel, Jerusalem Post, CiF Watch, and blogged at Jerusalem State of Mind.
Ben-Zvi joined HonestReporting as a senior editor in June 2020, becoming an integral part of the editorial department and writing dozens of articles and media critiques for the watchdog group exposing anti-Israel bias. He moved with his family to Haifa at the end of 2022.
Ben-Zvi’s final article for HonestReporting was published in January 2025, before he took a leave of absence for health reasons. HonestReporting said in a newly published obituary that staff believed he would eventually return, noting the positivity and perseverance he exuded. The advocacy group said it learned of Ben-Zvi’s passing late last month.
Ben-Zvi leaves behind his wife, Debbie, and four young children.
All Ben-Zvi’s articles for The Algemeiner can be found here.
May his memory be a blessing.