Will and Jada Pinkett Smith’s charity will reportedly shut down after donations plummeted following the infamous 2022 Oscar slap.
The charity’s closure also comes after Jada Pinkett Smith revealed last year that she has been separated from Will Smith since 2016.
Unnamed source close to the Foundation Said variety The former couple was reportedly already in the process of downsizing before their Oscar win. They are now focused on donating the same amount to charity in their personal capacities, sources said.
The Will and Jada Smith Family Foundation was founded in 1996, when the couple was at the height of their Hollywood stardom. The charity has donated to multiple causes over the years, including the American Film Institute and Big Brothers Big Sisters.
But the Smith Foundation’s revenue plummeted in 2022 after Will Smith slapped Chris Rock live on stage at the Oscars ceremony after Rock made a joke about Jada Pinkett Smith. The assault led to Smith’s resignation from the academy. He became an outcast in Hollywood, but is slowly making a comeback to the big screen.
Publicly available tax returns show the foundation’s income fell from $2,138,660 in 2021 to $365,870 in 2022, the most recent year for which returns are available. ).
This equates to a decrease of 83%.
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In an interview with NBC News in October today Host Hoda Kotb and Jada Pinkett Smith have confirmed that she broke up with Will Smith seven years ago and that they have both been living separate lives ever since.
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