Foundations are the perfect legal entities for celebrities to showcase their philanthropy while making sure that generosity counts. The Will And Jada Smith Family Foundation was the vehicle the Hollywood power couple used to support causes they believe in, including health and wellness, arts education and sustainability.
But after Will's already infamous slap to Chris Rock at the 2022 Oscars, the couple's image took a hit that apparently led to high-profile taxpayers who had given money to their foundation in the past have stopped doing so. Now, as published yesterday by the American medium Variety, the company is in the process of closing down for good.
According to the foundation's tax records, revenue fell from nearly 1,620,000 euros in 2020 and 1,976,000 in 2021 to just 338,184 in 2022. The 83% year-over-year drop included the departure of major donors such as American Airlines, which donated 70,000 euros in 2021, and CAA Foundation, which contributed 92,000 that year. Among the donations made by the Smiths' foundation, in 2022 a contribution of 92,000 euros was made to the American Film Institute.
A source close to the Smiths' foundation assured this medium that the couple is closing this project. And he adds that his intention is to make donations to charitable causes for the same amount in a private way. The declared expenses of the foundation have also been reduced, a sign that the Smiths have stopped doing operations through the foundation, since as of 2022, no paid staff worked in the organization.
It's now been two years since Will Smith slapped Chris Rock at the 94th Academy Awards on March 22, 2022. “Jada, I love you, I'm looking forward to seeing you in The Lieutenant O'Neil 2,” he said. said Rock jokingly, in his role as host of the gala. Jada Pinkett Smith was not amused by that comment, since, far from shaving her head due to the demands of the script, as Demi Moore did for the famous film, she did it to make visible that she suffers from alopecia , a taboo disease among women. Her husband wanted to defend her by going on stage. "Keep my wife's name out of your mouth," Smith snapped after slapping the comic. The festive atmosphere of the gala was saddened and that gesture of the actor became the most viral moment of the night.
During the gala, Will Smith collected the Oscar for best leading actor for his performance in The Williams Method. But the reprisals for the prank didn't take long to reach him. Smith resigned a few days later to be a member of the Hollywood Academy. "I betrayed the trust of the Academy and deprived the nominees and winners of an opportunity to celebrate and be celebrated for their extraordinary work," he said in a statement.
But the matter went further and a few days later he was banned for a decade from any event of the institution, including the gala of the Oscars. "I accept and respect the decision of the Academy", said the person affected through a spokesperson.
Will Smith is now promoting his new movie, Bad Boys 4. It will be the first film he releases shot after the scandal that has marked his life and his career.
