Will and Jada Smith are about to become a lot less charitable — through their foundation, at least.
On Tuesday, Variety reported that the highly talked about couple are closing down their charity the Will And Jada Smith Family Foundation after seeing a decline in donations from some major players. According to tax docs obtained by ProPublica and reviewed by the outlet, the charity had been on a path of growth in the last few years — until one unforgettable moment shocked the world.
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In 2020, the foundation’s revenue was reported at $1,760,000, while in 2021 it grew to $2,138,660. But after the Bad Boys star infamously slapped Chris Rock on live TV at the Oscars the following year, support TANKED! According to the docs, the foundation pulled in just $365,870 in revenue in 2022 — an 83 percent drop from the previous year!
DAMN.
A source close to the situation told Variety that the couple had been looking into shutting down their foundation, which they founded in 1996, prior to Will’s public temper tantrum. If so, they’d still be donating to charitable organizations privately. So, maybe the steep drop in support was just the final nail in the coffin?
According to the outlet, American Airlines and CAA both withdrew from donating in 2022 after being huge contributors the year prior, donating $76,160 and $100,000 respectively.
Yikes…
The source cited a decline in staffing over the past few years — prior to the slap — as evidence the two had already been moving to close down their foundation. But still, DAMN. Other red flags spotted in the tax docs were expenditures on office supplies and even $3,304 in “bank overdrawn” fees in 2022! So the money really speaks for itself!
Thoughts?? Let us know down in the comments!
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