Aside from being “life partners” and “soulmates”, Will Smith and Jada Pinkett Smith are also business owners and co-founders. One of their projects was The Will and Jada Smith Family Foundation, a non-profit organization founded in 1996 shortly after they started dating. However, the foundation is now set to close after years of service due to dwindling donations, particularly following the incident involving Will Smith’s altercation with Chris Rock at the 2022 Oscars.
Why The Will and Jada Smith Family Foundation Is Closing
The infamous incident involving words like “Oscar” and “slap” needs no introduction. And it has without a doubt harmed the Hollywood actor, Will Smith in more ways than one, one of which is the impact on his family foundation. Despite its previous success, tax records show a significant decline in the foundation’s revenue that is now forcing it to close.
According to a ProPublica report, the foundation’s revenue saw a significant downturn, from a whopping $2,138,660 in 2021, to a mere $365,870 in 2022 closely following the unfortunate Oscar incident. This decline is now being said as the direct effect of the withdrawal of major contributors such as American Airlines, which contributed $76,160 in 2021, and talent agency CAA, which also donated $100,000 in the same year.
People involved with the project have refrained from commenting on the matter. However, according to Variety, an insider suggested that the decision to shut down the foundation was made well before the incident. The foundation is believed to have supported causes related to education, and HIV, among other things, with its motto being “to improve lives and uplift humanity.”
What Other Repercussions Did Will Smith Face Following the Oscar Slap Incident?
Well, the foundation isn’t the only thing that suffered. Westbrook, their entertainment company, faced setbacks with revenue dropping to $100 million the year prior and partners opting not to renew contracts, despite the Smiths’ hopes of selling it for nearly $1 billion before the Oscars incident.
Besides his temper, Will Smith also lost millions of followers on his social media platforms. Additionally, he received a 10-year ban from the Academy. Furthermore, all major active projects involving the star were put on hold indefinitely.
The actor has mostly stayed out of the public eye since then. However, following this hiatus, Smith is now returning to the Bad Boys franchise with Bad Boys: Ride or Die.
The actor continues to face criticism and scrutiny from people online. Following the incident, Jada Pinkett Smith made bombshell revelations that also shook the internet, disclosing that she and Will Smith had been living separately since 2016. This revelation caused widespread chaos and stirred significant controversy, to say the least.
