The King Richard star won the award for Best Actor, however, it was his earlier altercation with Rock that monopolised screens and headlines everywhere.
Though he apologised to the Academy and his fellow nominees during his acceptance speech, Smith was criticised for failing to address Rock himself.
Now, in a statement released on Instagram, Smith brands his behaviour as “unacceptable and inexcusable” and apologised to Rock for being “out of line”.
“Violence in all of its forms is poisonous and destructive,” he wrote. “My behaviour 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 apologise 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 apologise to the Academy, the producers of the show, all the attendees and everyone watching around the world. I would like to apologise to the Williams Family and my King Richard Family.” He continued, “I deeply regret my behaviour has stained what has been an otherwise gorgeous journey for all of us. I am a work in progress.”
Smith’s public apology follows the Academy’s condemnation of his actions and the announcement that it was launching a review.
The 53-year-old slapped Rock after he made a joke about the actor’s wife, Jada Pinkett Smith. Referencing her shaved head, Rock suggested that she was about to star in the sequel to G.I. Jane – a film featuring Demi Moore as an aspiring Navy Seal who shaves her head as part of training.
Jada has long struggled with the hair loss disorder alopecia.