Will and Jada Smith Foundation to Close Amidst Post-Oscar Slap Fallout
The Will And Jada Smith Family Foundation, established by power couple Will Smith and Jada Pinkett Smith in 1996, is reportedly facing closure following a significant decline in revenue and donations post the infamous post-Oscars incident involving Will Smith’s altercation with Chris Rock.
According to tax filings reviewed by Variety, the foundation experienced a drastic drop in revenue, plummeting from $2.1 million in 2021 to a mere $366,000 in 2022. This decline in financial support has prompted the decision to shutter the organization’s operations.
Reports indicate that the decision to wind down the foundation was already underway before the Oscars incident, with the couple shifting their focus towards private philanthropy rather than through a formal foundation structure.
Furthermore, the foundation had downsized its staff in 2021, reducing payment for its only two employees, and by 2022, there were no paid staff members remaining.
The Oscars incident, where Will Smith slapped comedian Chris Rock on live television in response to a joke about Jada Pinkett Smith, drew widespread attention and criticism. Despite issuing an apology and taking a brief hiatus, Smith has since returned to the spotlight with the announcement of the upcoming film “Bad Boys: Ride or Die,” the fourth instalment in the “Bad Boys” franchise.
The recently released trailer for “Bad Boys: Ride or Die” features Smith and co-star Martin Lawrence in action-packed scenes, set to the soundtrack of Meek Mill and Drake’s hit song “Going Bad.” The film, scheduled for release on June 7 by Sony Pictures, marks Smith’s return to the big screen following the Oscars controversy.
While Smith appears to be resuming his acting career, the closure of the Will And Jada Smith Family Foundation signifies a significant shift in the couple’s philanthropic endeavours, signalling a new chapter in their charitable contributions.
