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$9 billion annually [1] qualifies as not spending it, I guess. I wish people actually checked figures before ranting online.

The page you linked shows their revenue is $9.93B/year and is greater than their expenses. So clearly they're not spending down the principal.

That’s because donors won’t let them drain all the principal in a few years.

UPenn’s revenue includes “sales of assets” and “investment income,” i.e., taking some part of the endowment annually to fund their operations.