Everything begins with a flashback to two weeks ago.
Over the course of the episode though, everything starts to fall into place.
Flashback to one week ago.

Credit: Jeff Neumann/SHOWTIME
If he didn’t have the cash to buy into Ice Juice, where did his stake come from?
Only a personal loan could get that done, and that makes Axe suspicious of Rhoades.
Now we’re in the present day.
To say this is shortsighted is perhaps an understatement.
Chuck has even more reason to celebrate beyond the seemingly assured success of Ice Juice.
What will Wendy think when she learns the truth?
How will Chuck defend himself?
More on that later.
Namely, they’re in charge of firing an analyst.
They want to fire someone based on the numbers, but Axe wants a more personal approach.
The day is upon us.
He even has new software on his computer so he can track its progress all day.
Something is amiss though.
Sure enough, he calls in the hit.
That plan involves paying offa lotof people.
Trading is halted for the day, and the stock ends up dropping to barely $3 a share.
As Ira puts it, it’s “Armageddon.”
Millions of dollars lost.
What’s intriguing here is that Wendy warns Chuck about the short play, and he does nothing.
Back at Chuck Sr.’s place, Ira and Chuck Jr. can barely comprehend their loss.
It’s all over for all of them.
They have nothing left, and Axe has won again.
In fact, Axe isreallyenjoying his win.
He’s at home starting over with Lara, eating pizza with caviar because he’sthatkind of rich asshole.
Everything seems to be looking up for Axe… at least until he gets into the bedroom.
That moment with Lara is a harbinger of things to come.
You see, heknewAxe would attempt to ruin the IPO, so he planned for it.
He bribed Boyd with freedom to get him to tip Axe off about Ice Juice.
Chuck had this whole thing planned all along, and now he has Axe right where he wants him.