The Will and Jada Smith Family Foundation will be closing. This was a painful decision made by Will Smith and Jada Pinkett Smith. Donations to the organization have significantly decreased as a result of the infamous episode with Will’s slap of Chris Rock at the 2022 Academy Awards, which caused major donors like CAA and American Airlines to withdraw.
Variety reports that the foundation’s 2022 tax returns show a startling decrease in funding, from over $2 million to less than $400K. It’s crucial to remember, though, that the decision to close the foundation existed even prior to the Oscars episode. Instead, Will and Jada had planned to concentrate on making private charity contributions.
Concerns about the foundation’s financial status have also been expressed. According to sources, as of 2022, there were no paid staff members, over $25,000 donated to groups that seemed to be inactive for mental health, and $3,000 in bank overdraft penalties. The foundation’s management is called into question by these startling transactions.
Will Smith has maintained a strong career in spite of these obstacles. He is now working on a number of projects, including the eagerly awaited “I Am Legend” sequel and the fourth “Bad Boys” movie, which will feature Martin Lawrence and him together.
Personally, Jada Pinkett Smith disclosed this year that she and Will were headed toward reconciliation following years of living apart, including renting different houses. Therefore, even though their foundation’s closing is sad news, there remains hope for better things in the future.
