Will Smith’s infamous Oscar slapping incident has taken an unexpected turn for the power couple, with reports that their family foundation is closing. According to a recent report by Variety, tax filings show that the Will and Jada Smith Family Foundation saw a significant drop in revenue and donations following the highly publicized incident. Despite signs that the foundation had closed ahead of the 2022 Oscars, reduced financial support appears to have hastened the decision.
In 2020, the foundation’s revenue was as high as $1.7 million, and in 2021, revenue was even higher, reaching $2.1 million. However, this number dropped sharply in 2022, with reported revenue reduced to just $366,000. This apparent drop illustrates the impact of the controversy surrounding Will Smith’s live altercation with comedian Chris Rock at the 94th Academy Awards. Sources close to the couple told Variety that the decision to close the foundation had been in the works before the Oscars.
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Will and Jada Smith
HOLLYWOOD, CA – MARCH 2: Actors Will Smith (left) and Jada Pinkett Smith attend the Academy Awards at the Hollywood & Highland Center on March 2, 2014 in Hollywood, California. (Photo by Jason Merritt/Getty Images)
The Smith family is now turning its focus to private philanthropy, choosing to contribute directly to charitable causes rather than through a formal foundation structure. This change in approach aligns with their desire to maintain their commitment to philanthropy while adapting to changing circumstances. Even before the Oscar controversy, signs of the foundation’s downsizing were apparent. In 2021, the organization reduced compensation to just two employees, and in 2022, there are no more salaried employees within the organization. Despite these internal changes, the foundation’s closing marked the end of an era in the Smith family’s philanthropy.
After the Oscar incident, Will Smith was widely criticized and later publicly apologized and temporarily stepped away from the spotlight. However, the actor has since returned with a new project, recently releasing a trailer for the highly-anticipated film Bad Boys for Men 4 alongside co-star Martin Lawrence. As the Smiths navigate the aftermath of the controversy, the closing of their foundation marks a significant shift in their philanthropy, underscoring their ongoing commitment to making a positive impact on the world, albeit through other means.
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