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"I betrayed the trust of the Academy. I deprived other nominees and winners of their opportunity to celebrate and be celebrated for their extraordinary work. I am heartbroken," Smith said in a statement.
Smith was facing possible expulsion or suspension after he walked onto the Oscars stage during last Sunday's broadcast and slapped comedian Chris Rock in the face after making a joke about his wife Jada Pinkett Smith's hair.
US actor, only the 5th Black man to win Best Actor Oscar, faces disciplinary action after hitting comedian Chris Rock.
Actor Will Smith resigns from Hollywood's Academy of Motion Picture Arts and Sciences, five days after slapping presenter Chris Rock on stage
Will Smith resigns from Hollywood film academy, says 'I am heartbroken' - Will Smith resigned from Hollywood's Academy of Motion Picture Arts and Sciences over Chris Rock slap incident at Oscars.