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Nate’s Actions In ‘Euphoria’ Season 3 Have Life-Threatening Consequences
Sabrina Reed · 2026-04-28 · via Forbes - Business
Cassie and Nate walk hand-in-hand down the aisle at their wedding. They're smiling.

Sydney Sweeney as Cassie Howard and Jacob Elordi as Nate Jacobs on Euphoria season 3

Photograph by Patrick Wymore/HBO

Major spoilers for Euphoria season 3, episode 3

Nate (Jacob Elordi) and Cassie’s (Sydney Sweeney) wedding day ended in blood and tears in Euphoria season 3’s third episode, “The Ballad of Paladin.” After being ignored, Naz (Jack Topalian) decided to send Nate an undeniable message, get him the money he’s owed or he’ll do worse than beat him and cut off his toe.

But Nate doesn’t owe a low ball figure. Before the wedding, Naz expected to be paid $100,000. Nate is $550,000 dollars in debt to him with it likely increasing to $600,000 since he missed his deadline. How did Nate get into this mess? He took over Cal’s (the late Eric Dane) construction business but is a better con man than he is a developer.

Jacob Elordi as Nate Jacobs on Euphoria season 3

Photograph by Patrick Wymore/HBO

Why Nate’s Life Is On The Line In Euphoria Season 3

Jacobs & Co. are building Sun Settlers, an “end of life transition facility" that Nate is shopping as a dignified final home for the elderly. Initial investment in the land went well. However, he ran into red tape. Nate told his friend Fred (Justin Sintic), who invested his children’s college funds into this project, that he had to halt construction because of white fritillarias.

The flowers are endangered, and Nate can’t resume production until the city can determine how to remove the fritillarias without harming them. He said he has a meeting with the planning and zoning commission, but it’s weeks away. Whether or not that meeting is actually on the books, it doesn’t fix Nate’s current problem.

Forbes‘Euphoria’ May Have Sealed Angel’s Fate With A Missing Person’s Case

He’d borrowed money from Naz so he could keep Jacobs & Co.’s operation running and maintain the lifestyle he and Cassie are used to living. But Naz’s patience is running thin. He, too, is in the business of death. He runs an establishment called Better Angels, which sells funeral products.

Nate tried to get Naz to go into business with him as the sole supplier of Sun Settler’s “afterlife innovation" to cover his debt, but Naz was uninterested. His business has been booming, all he wants is his money.

In lieu of of that, he decided to take another kind of payment on Nate and Cassie’s wedding day. First, any remnant of joy by crashing their reception and filling Cassie in on the debt her husband owed. Then, Nate’s dignity as he was beaten in his own home in front of his wife who also sustained a bloody nose. And, finally, a pound of flesh in the form of Naz cutting off Nate’s pinky toe. He also still expects to be paid in cash.

Jacob Elordi as Nate Jacobs and Sydney Sweeney as Cassie Howard on Euphoria season 3

Photograph by Eddy Chen/HBO

Can Cassie’s OnlyFans Content Cover Nate’s Debt?

Before Naz left their home, he told Cassie that some women inherit wealth when they marry while otherwise inherit debt. She falls into the latter category, which is a major reason she was upset on her wedding day. But her concern is self-centered. She was willing to sell herself online to pay for the flowers she wanted at the price point she wanted rather than settling for less expensive blooms.

While no one desires to be poor, Cassie is determined to have a lavish life by any means necessary. She will do, say, and be whatever she needs to in order to provide for herself where Nate can’t. Though some part of her drive is attention-seeking, a large part of it is about being able to pay for what she wants without having to wait for Nate to buy it for her or choose the cheaper option.

Cassie was serious about content creation, but she conceived of it as additional income to his. Now, her OnlyFans will have to operate with an eye toward it being a job and business that she runs. That’s where Maddy (Alexa Demi) comes in.

Maddy had her finger on the pulse of the boom in explicit content and young creators being able to generate six to seven figures with their accounts. But she didn’t follow her instincts and now makes far less than she could have if she’d struck out on her own instead of remaining an assistant. Cassie could be her chance to build the business she envisioned before.

Whether she’ll be able to help her make enough money to save Nate from further beatings or appendage losses is up in the air. But Cassie’s likely to earn the money they need to tide Naz over far faster than Nate will. And certainly before the planning and zoning commission gets to Nate’s case as the couple works to pay Naz in full.

New episodes of Euphoria season 3 air Sundays at 9 p.m. ET on HBO and stream exclusively on HBO Max. Follow me on Forbes for weekly coverage of the season and news about the business of TV.