Will & Jada Pinkett Smith’s Family Foundation Charity to Close, Reasons Why Revealed | Jada Pinkett Smith, Will Smith | Just Jared: Celebrity News and Gossip

Will Smith and Jada Pinkett Smith are shutting down their charity, the Will And Jada Smith Family Foundation.

The news comes two years after the 55-year-old actor went on stage and slapped Chris Rock at the 2022 Oscars, following poor jokes from the comedian.

Variety reports that the charity closing down is due to fallout from that incident four years ago, which took multiple effects on Will‘s career.

Find out more details inside…

The publication shares that recent tax filings report the foundation lost high-profile contributors, with it’s revenue dropping from $1.7 million in 2020 and $2.1 million in 2021 to just $365k in 2022, the year of the slap.

However, Variety also reports that a source says Will and Jada were “winding down the foundation,” which was founded in 1996 as a way for the couple to advocate for health and wellness, arts education and sustainability issues that mattered to them.

The source reveals they are going to focus “more on giving the same amount to charitable causes – just privately,” according to Variety.

It is also reported that the foundation’s spending in 2022 included expenditures like office equipment and computers, with $3,304 in bank overdrawn fees. There were two staffers in 2021 that had lowered pay, and in 2022, there were reportedly no staff at the charity, furthering the Smiths moving away from the org.

Back in December 2023, Jada opened up about why she’s grateful for the Oscars slap happening…

If you missed it, Will Smith‘s upcoming movie Bad Boys 4 just revealed it’s first trailer and the official title. Check it out here!