Custom function with this in .closest()

Question

I have problems understanding how $this works in .closest().

$(".link").click(function () {
    $(this).closest("li").find(".class").removeClass('my-class');
});

I understand, that in this case, this refers to the .link class which is clicked. This is what works.

Now if I want to create a function which I would call on click, it will not work obviously:

const myFunction = () => {
    $(this).closest("div").find(".class").removeClass('my-class');
}

$(".link").click(myFunction);