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Earlier in the evening, Chris Rock made a joke about Jada Pinkett Smith's hair, which led to the King Richard actor taking to the stage and 'slapping' the comedian.
Referencing his earlier actions on stage, Smith tearfully said: "I want to apologize to the academy. I want to apologize to all my fellow nominees."
Watch Will's speech below:
He added: "Art imitates life. I look like the crazy father, just like Richard Williams. But love will make you do crazy things".
Smith wrapped-up his speech with: "Thank you. I hope the academy invites me back."
Watch the shocking moment below:
The ceremony took an uncomfortable turn when Will Smith appeared to 'slap' Chris Rock after the comedian made a joke about his wife, actress Jada Pinkett Smith.
Smith then went on stage and appeared to 'slap' Rock, who is known for his edgy humour.
Rock made joke about the King Richard star's wife Jada Pinkett Smith, who has a shaved head, after suggesting she looked like 'G.I. Jane', the titular character from the 1997 film in which actress Demi Moore also has a shaved head.
After Smith took to his seat in the audience, he told Rock: "Keep my wife's name out of your f*cking mouth".
Smith repeated: "Keep my wife's name out of your f*cking mouth".
Rock, who was clearly in shock, said: "I am going to." before adding "that was uh... the greatest night in the history of television."
Smith beat out competition from Denzel Washington in The Tragedy of Macbeth, Javier Bardem in Being the Ricardos, Benedict Cumberbatch in The Power of the Dog and Andrew Garfield in Tick, Tick...Boom! to win his very first Oscar.
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