“The Academy condemns the actions of Mr Smith at last night's show. We have officially started a formal review around the incident and will explore further action and consequences in accordance with our Bylaws, Standards of Conduct, and California law", the statement said.
Smith walked on stage and struck Rock in the face after the comedian made a joke about his wife, Jada Pinkett Smith's, shaved head. Jada has alopecia, an autoimmune disorder that can cause baldness.
"Jada I love you, 'G.I. Jane 2', can't wait to see it", Rock said moments before the incident.
Smith initially laughed at the joke, but judging by the facial expression his wife made, she clearly did not like it.
Shortly after striking Rock, Smith won the Best Actor Oscar for his role in the movie "King Richard", and upon receiving the award he delivered a short speech addressing the incident and arguing he was standing up for his family.
Later on Monday, Smith said on Instagram that his behaviour at last night's Academy Awards was "unacceptable", and "inexcusable", then addressed Rock with an apology.
"I would like to publicly apologize to you, Chris. I was out of line and I was wrong. I am embarrassed and my actions were not indicative of the man I want to be. There is no place for violence in a world of love and kindness", Smith said.
For the moment, Chris Rock has refused to press charges against Smith, though LAPD officers did approach him following the incident.
Meanwhile, responses to the incident on social media have been divided. While many have openly called for the Academy to strip Smith of his award, others have praised the actor for defending the honour of his wife.
Many, however, highlighted the hypocrisy of the organisers.
"It's interesting to see all the anti-‘cancel culture’ people all of a sudden want to strip Will Smith of his Oscar", one user tweeted.
"Everyone wants to strip Will Smith of his Oscar for an act of violence but no one wants to take away Obama's Nobel", another wrote.
Smith's son Jaden Smith supported his father, tweeting, "And That's How We Do It".
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