Due to a sudden decline in donations and the departure of major past donors,
Will and Jada Pinkett Smith are shutting down their charitable organization.
The Will and Jada Smith Family Foundation was established in 1996 by the well-known couple as a nonprofit organization.
The main objective was to promote subjects that the Smiths were passionate about, such as mental health and wellness, arts education, and sustainability, by using the social impact perspective. But the public’s opinion of the Smiths was altered by the notorious Chris Rock Oscar slap, which was heard and witnessed globally.
Variety reports that following the 2022 Oscars, prominent donors to the Smiths’ foundation had completely ceased their contributions, according to the couple’s tax returns. The couple was obliged to start closing the charity, which has been around for almost 30 years, as a result. The foundation’s income decreased from $2.1 million in 2021 to a pitiful $365,870 in 2022, according to the tax records. After American Airlines, which gave $76,160 in 2021, and talent agency CAA, which gave $100,000 in 2021, left, their donations had decreased by 83%.
But, a source close to Variety claimed that the couple had already begun to reduce the foundation’s activities prior to the slap. The pair will instead start making discreet charitable contributions. An official representing the Smiths declined to provide a statement. Variety said that the foundation’s 2023 tax filings will be made available soon.
His career has largely recovered even though he had to resign from the Academy and miss the Oscars and any associated events for the next ten years as a result of slapping Rock at the Oscars. With the upcoming film “Bad Boys 4,” the actor will make $25 million.