The aftermath of the infamous Oscars slap involving Will Smith has taken an unexpected turn for the power couple, as reports emerge of their family foundation’s imminent closure. According to a recent report by Variety, tax filings reveal a significant decline in revenue and donations for the Will and Jada Smith Family Foundation following the highly publicized incident. Despite indications that the foundation’s shutdown was in motion before the 2022 Oscars event, the decline in financial support appears to have accelerated the decision.
In 2020, the foundation boasted a substantial revenue of $1.7 million, followed by an even higher figure of $2.1 million in 2021. However, the numbers plummeted dramatically in 2022, with reported revenue dwindling to a mere $366,000. This stark decline speaks to the the impact of the controversy surrounding Will Smith’s on-air altercation with comedian Chris Rock during the 94th Annual Academy Awards. Sources close to the couple disclosed to Variety that the decision to wind down the foundation had been in the works prior to the Oscars incident.
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Will And Jada Smith
HOLLYWOOD, CA – MARCH 02: Actors Will Smith (L) and Jada Pinkett Smith attend the Oscars held at Hollywood & Highland Center on March 2, 2014 in Hollywood, California. (Photo by Jason Merritt/Getty Images)
The Smiths are now redirecting their focus towards private philanthropy, opting to contribute to charitable causes directly rather than through a formal foundation structure. The shift in approach aligns with their desire to maintain their commitment to philanthropy while adapting to changing circumstances. Signs of the foundation’s downsizing were evident even before the Oscars controversy. In 2021, the organization reduced payments to its only two staff members, and by 2022, there were no paid staff members remaining within the organization. Despite these internal adjustments, the foundation’s closure marks the end of an era for the Smith family’s philanthropic endeavors.
In the wake of the Oscars incident, Will Smith faced widespread criticism before issuing a public apology and stepping away from the spotlight temporarily. However, the actor has since returned with a new project, recently unveiling the trailer for the highly anticipated film Bad Boys 4 alongside co-star Martin Lawrence. As the Smiths navigate the aftermath of the controversy, the closure of their foundation marks a significant transition in their philanthropic efforts, highlighting their ongoing commitment to making a positive impact on the world, albeit through alternative means.
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