The Will Smith and Jada Smith Family Foundation went on a major decline after Will slapped Chris Rock at the Oscars, according to a new report by Variety.
The news outlet reports that their foundation is used to advocate for issues that they truly care about such as health and wellness, arts education, and sustainability. Unfortunately, after the viral moment that took place on the Oscars stage, the situation reportedly caused their foundation to take a major and now the enterprise is in the process of shutting down for good.
Variety was able to obtain tax records from the Will And Jada Smith Family Foundation and it was revealed that the foundation’s revenue dropped from $1,760,000 in 2020 and $2,138,660 in 2021 to $365,870 in 2022. Which was an 83% drop. The news outlet continued to add that they spoke with a source close to the situation and they stated that Will and Jada already planned to give the foundation up after they founded it in 1996, before the Oscars slap and now the couple still plans to donate to charitable causes but will just do it privately from now on.
At the 94th Academy Awards ceremony, audiences were shocked when actor Will Smith walked up on stage and slapped comedian Chris Rock in the face. The incident occurred after Rock made a joke about Smith’s wife, Jada Pinkett Smith, who suffers from alopecia.
The joke, which Rock made while presenting the award for Best Documentary, referenced Pinkett Smith’s bald head, saying, “Jada, I love you. ‘G.I. Jane 2,’ can’t wait to see it.” The comment immediately drew gasps from the audience, and Pinkett Smith could be seen looking visibly upset.
Smith, who was seated in the audience, was clearly not amused by Rock’s joke. As Rock continued to speak, Smith stood up from his seat, walked up on stage, and slapped Rock in the face. The stunned audience watched as security quickly intervened and separated the two men.
Following the incident, Smith returned to his seat and could be seen visibly upset, while Rock continued with the show. The incident quickly went viral on social media, with many viewers expressing shock and disbelief at what had just transpired.
In a statement released after the incident, Smith addressed his actions, saying, “I want to apologize to the Academy, the producers of the show, and Chris Rock for my actions. I was out of line and I am deeply sorry for my behavior.”
The Academy also released a statement condemning Smith’s actions, saying, “We do not condone violence of any kind and are investigating the incident further. We will take appropriate action as necessary.”
The incident has sparked a heated debate online, with some defending Smith’s actions as a protective gesture towards his wife, while others have criticized him for resorting to violence. Many have also expressed concern for Pinkett Smith, who was caught in the middle of the controversy.
As the fallout from the incident continues to unfold, one thing is clear: the 94th Academy Awards will be remembered not for the winners and nominees, but for the shocking altercation that took place on stage.