Will Smith and Jada Pinkett Smith's charity foundation takes a hit after 2022 Oscars slap

Will and Jada Smith are closing their philanthropic venture following a notable drop in donations.

Hollywood power couple Will Smith and Jada Pinkett Smith are shutting down their philanthropic organization, the Will and Jada Smith Family Foundation, after a sharp decline in donations that followed the notorious 2022 Oscars slapping incident.

Since its inception in 1996, the foundation has made significant strides in health, arts education, and environmental sustainability, earning accolades and support from high-profile benefactors, thereby cementing its status in the realm of celebrity-led charitable efforts.

Celebrity-led charities like Newman’s Own and Olivia Rodrigo’s Fund 4 Good have become essential in the philanthropic landscape, serving as platforms for celebrities to amplify their charitable initiatives and ensure accountability and visibility for their efforts.

However, the foundation's financial stability was severely impacted after Will Smith's highly publicized assault on Chris Rock at the Oscars, leading to a dramatic 83% drop in revenue from 2021 to 2022, as reported by Variety via ProPublica, with significant losses including donations from American Airlines and CAA, highlighting the impact of public actions on private philanthropy.

Courtesy: TMZ

Despite the financial challenges and the controversy, sources close to the Smiths suggest that plans to phase out the foundation were already underway, with a shift towards more private charitable giving.

Will Smith is aiming to maintain his stature in the film industry, with reports from Variety indicating he still secures roles with significant paychecks, such as "Bad Boys 4" and "Fast and Loose," demonstrating the resilience of his career despite public scrutiny.
 

The closure of the Will and Jada Smith Family Foundation marks a significant moment in celebrity philanthropy, with upcoming 2023 tax filings expected to provide more details on the foundation's closing phases.