Will Smith and Jada Pinkett Smith closing charity following Oscars slap

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00:00 The Will and Jada Smith Family Foundation, known for its advocacy in health, arts education

00:06 and sustainability, is shutting down.

00:09 This is following a significant drop in donations after Will Smith's altercation with Chris

00:13 Rock at the 2022 Oscars.

00:17 Tax filings reveal a staggering 83% revenue decline from $2.1 million in 2021 to $365,870

00:27 in 2022.

00:29 The couple is reportedly transitioning to private philanthropy.

00:33 Despite generous contributions to organizations like the American Film Institute and Big Brothers

00:38 Big Sisters, donations to unknown entities like Rebecoming and the World Rebirth Foundation

00:43 have raised questions.

00:45 Notably, the foundation incurred over $3,000 in bank overdraft fees in 2022, further signaling

00:52 its decline.

00:52 (upbeat music)