Will and Jada Pinkett Smith’s charity is reportedly shutting down after donations plummeted in the wake of the infamous Oscars slap in 2022.
The charity’s closure also comes after Jada Pinkett Smith revealed last year that she has been separated from Will Smith since 2016.
An unnamed source close to the foundation told Variety that the former couple was already in the process of winding down the foundation before the Oscars slap. They are now focused more on giving the same amount to charitable causes but in a private capacity, the source said.
The Will And Jada Smith Family Foundation was created in 1996 at the height of the couple’s Hollywood stardom. The charity has given to multiple causes over the years, including the American Film Institute and Big Brothers Big Sisters.
But he Smith foundation’s revenue took a steep dive in 2022 after Will Smith slapped Chris Rock live onstage at the Oscars after Rock told a joke about Jada Pinkett Smith. The assault led to Smith’s resignation from the Academy. He also became a pariah in Hollywood, though he is slowly making a return to the big screen.
Publicly available tax filings reportedly show that the foundation saw its revenue sink from $2,138,660 in 2021 to $365,870 in 2022 — the most recent year for which filings are available.
That represents an 83 percent decline.
Will Smith is set to appear in Bad Boys 4, which Sony will release in cinemas in June.
In an interview in October with NBC News’ Today host Hoda Kotb, Jada Pinkett Smith confirmed she split with Will Smith seven years prior and that they both have been leading separate lives since then.
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