Will and Jada Pinkett Smith are shutting down their charity after donor exodus ... trends now
Will Smith and his wife Jada Pinkett Smith are winding down their charity after seeing a massive drop in revenue in recent years.
The 55-year-old Oscar winner and the 52-year-old Red Table Talk host have opted to close the Will and Jada Smith Family Foundation after major donors fled in the wake of Will's shocking Oscars slap at the 2022 ceremony, according to Variety.
Tax records reviewed by the publication — via ProPublica — show a significant drop in revenue for the non-profit in 2022, just after the infamous slap.
DailyMail.com has reached out to representatives for Will and Jada Pinkett Smith for comment.
Much of the lost revenue appears to have been due to major corporate donors opting not to contribute in the wake of Will's controversial assault of Oscars presenter Chris Rock.
Will Smith, 55, and Jada Pinkett Smith, 52, are closing down their charity, the Will and Jada Smith Family Foundation, according to Variety; seen at the 2022 Oscars
Tax records indicate that major corporate donors fled the foundation after Will slapped Chris Rock at the 2022 Academy Awards (pictured)
The foundation, which was founded in 1996, indicated that it brought in $1,760,000 in 2020 and $2,138,660 for 2021, but its 2022 revenue was only $365,870, marking an 83 percent decrease from the previous year.
Among the major donors opting to stop donating were American Airlines, which gave $76,160 for 2021, and the talent agency CAA, which donated $100,000 the same year.
A source close to the foundation claimed to Variety that Will and Jada had intended to close down the foundation prior to the shocking Academy Awards display.
In its place, they allegedly planned to donate a similar amount of money, but as private individuals.
As evidence of the couple's plans to close the foundation, the source cited that the payment to
