According to a recent Variety article, the Will Smith and Jada Smith Family Foundation saw a significant downturn following Will’s slap of Chris Rock at the Oscars. 

According to the news source, their foundation is used to promote causes like sustainability, art education, and health and wellness that are really important to them. Regretfully, following the widely shared moment on the Oscars stage, their foundation apparently suffered a significant setback, and as a result, the business is currently in the process of permanently closing.

The Will and Jada Smith Family Foundation’s tax documents were made available to Variety, and it showed that the foundation’s income decreased from $1,760,000 in 2020 and $2,138,660 in 2021 to $365,870 in 2022. This was a decrease of 83%. The news outlet went on to say that they spoke with a person with knowledge of the matter, who revealed that Will and Jada had already decided to dissolve the foundation when it was established in 1996—prior to the Oscars scandal. The couple still intends to donate to charitable organizations going forward, but they will do so in private. 

Fans were taken aback when actor Will Smith abruptly entered the stage and gave comedian Chris Rock a face slap during the 94th Academy Awards presentation. The altercation started when Rock joked about Jada Pinkett Smith, Smith’s alopecia-suffering wife.

“Jada, I love you,” was the joke that Rock cracked while presenting the Best Documentary award. It made reference to Pinkett Smith’s bald head. “G.I. Jane 2,” I am eager to see. The audience gasped at the comment right away, and Pinkett Smith appeared clearly unhappy.

Smith, who was seated in the crowd, did not appear to find Rock’s joke funny. Smith got up from his seat, went up on stage, and gave Rock a slap across the face as Rock carried on talking. Stunned spectators watched as security moved swiftly to separate the two guys.

After the altercation, Rock carried on with the act, but Smith went back to his seat and seemed extremely distraught. On social media, the incident swiftly gained popularity as many spectators expressed shock and bewilderment at what had just happened.

Smith expressed regret for his conduct in a statement issued following the event, saying, “I want to apologize to the Academy, the show’s producers, and Chris Rock for my actions.” My actions was inappropriate, and I sincerely apologize for it.

Smith’s actions were also denounced by the Academy in a statement that read, “We do not condone violence of any kind and are investigating the incident further.” When necessary, we will take the right steps.

Online, there has been a contentious discussion about the incident. Some people have defended Smith’s actions, citing them as a protective measure for his wife, while others have attacked him for using violence. Concerns have also been raised concerning Pinkett Smith, who found herself in the center of the dispute.

One thing is certain as the incident’s aftermath plays out: the startling on-stage confrontation will be remembered more than the 94th Academy Awards’ winners and nominees.