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Will approached Rock on stage after he pointed to Jada in the audience and said: "Jada, can't wait for GI Jane 2," in an apparent reference to her shaved head.
In a statement, Will said his actions were "unacceptable and inexcusable" - but not everyone is convinced by his words.
The statement read: "Violence in all of its forms is poisonous and destructive. My behavior at last night’s Academy Awards was unacceptable and inexcusable.
"Jokes at my expense are a part of the job, but a joke about Jada’s medical condition was too much for me to bear and I reacted emotionally.
"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.
"I would also like to apologize to the Academy, the producers of the show, all the attendees and everyone watching around the world. I would like to apologize to the Williams Family and my King Richard Family.
"I deeply regret that my behavior has stained what has been an otherwise gorgeous journey for all of us. I am a work in progress. Sincerely, Will."
Despite the apology, people are divided after Will failed to apologise to Rock in his acceptance speech, after winning the Academy Award for Best Actor.
Referencing his earlier actions on stage, Smith tearfully said: "I want to apologise to the academy. I want to apologise to all my fellow nominees."
One person wrote on Twitter: "Sorry but I don't think Will Smith's apology is genuine.. If he was sorry he would of mentioned Chris name during his cringy acceptance speech... Find it too convenient he posts an apology post after the academy said their opening an investigate the situation."
While another said: "He could have a real, meaningful apology during his speech but he decided to apologise to the academy but not to Chris."
And a third added: "That Will smith apology isn’t genuine the 'but' put me off."
Others however, were quick to defend Will, with one writing: "Will Smith’s apology! We are all a work in progress. Everyone of us makes mistakes. Stop with the hatred and show some compassion to Will who is clearly working towards becoming a better version of himself."
"Powerful apology from Will Smith. Well said. No excuses. This is the Will Smith we know and love," added another.
And a third said: "It takes a strong heart to choose to understand, accept your mistake, apologies for the same and be kind."
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