Following the tumultuous aftermath of the Oscars slap incident involving Will Smith, the trajectory of the power couple’s philanthropic endeavors takes an unexpected turn as their family foundation prepares to close its doors amidst a concerning decline in revenue and donations. Recent revelations outlined in a report by Variety highlight the financial challenges plaguing the Will and Jada Smith Family Foundation, prompting the inevitable decision to cease operations.
Once a stronghold of charitable efforts, the foundation faced a stark financial downturn in the aftermath of the 2022 Oscars. Boasting impressive revenue figures of $1.7 million in 2020 and $2.1 million in 2021, the organization experienced a drastic plunge in 2022, with reported revenue plummeting to a mere $366,000. This sharp decline underscores the reverberating effects of the controversy stemming from Will Smith’s altercation with comedian Chris Rock on the Oscars stage.
While rumblings of the foundation’s closure preceded the Oscars debacle, the incident expedited the decision-making process. Sources privy to the couple’s inner circle disclosed to Variety that plans for restructuring were already in motion prior to the highly publicized incident.
In a strategic pivot, the Smiths opt to steer their philanthropic efforts towards a more personalized approach, foregoing the formal foundation structure in favor of direct contributions to charitable causes. This shift underscores their unwavering commitment to making a positive impact while adapting to the shifting sands of public scrutiny.
Hints of the foundation’s downsizing were apparent leading up to its closure. In 2021, payments to the organization’s sole two staff members were scaled back, and by 2022, the foundation operated sans any paid staff. Despite internal adjustments, the impending closure marks the end of an era for the Smith family’s charitable legacy, signaling a new chapter in their philanthropic journey.
