The Film Academy is a society for people active in the film industry and they are also the ones who hand out the Oscar statuettes, the world's foremost film prize.
Now Will Smith voluntarily withdraws from the academy, as a consequence of his actions during the gala.
In a statement, Will Smith wrote that his actions were "shocking, painful and without excuse" and that he will accept the consequences that the Academy deems appropriate in the case.
“I have betrayed the academy's trust, I stole time and attention from other nominees and winners and ruined their chance to celebrate and be celebrated for their outstanding work.
My heart is broken."
Openly criticized
The academy has launched a disciplinary inquiry and openly criticized Will Smith's actions.
On Wednesday, they announced that he had 15 days to submit a written explanation of the incident.
According to the organization, he risked suspension.
Earlier, the actor apologized for the incident on Instagram.
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See when Will Smith attacks comedian Chris Rock during the Oscars.
Photo: ROBYN BECK / AFP / TT