Bobby “Axe” Axelrod, the charismatic billionaire hedge fund manager portrayed by Damian Lewis, was the beating heart of Showtime’s “Billions” for five seasons. His unexpected departure left millions of fans wondering: what happened to Axe in Billions? This comprehensive analysis explores Axelrod’s dramatic exit, the real-world circumstances behind it, and his triumphant return in the final season.
The Rise and Fall of Bobby Axelrod
Axe’s Journey Through Five Seasons
Bobby Axelrod began “Billions” as a self-made billionaire who built his empire from the ashes of 9/11, transforming his trading firm into the powerhouse Axe Capital. As one of his firm’s survivors of the September 11 attacks, he reformed it as Axe Capital and paid the college tuition of the children of his colleagues who died in the World Trade Center. This philanthropic gesture masked his ruthless business practices, which frequently involved insider trading and market manipulation.
The central conflict of the series revolved around Axelrod’s cat-and-mouse game with U.S. Attorney Chuck Rhoades (Paul Giamatti). Prior to the change, Bobby Axelrod, the self-made billionaire hedge fund manager from Yonkers, and Chuck Rhoades, the justice-at-all-costs-seeking U.S. Attorney, butt heads time and again as Rhoades leads the charge against financial corruption in America by repeatedly attempting to make an example out of Axelrod.
The Perfect Storm: Season 5 Finale
The climax of Axelrod’s story came in the Season 5 finale, titled “No Direction Home.” Chuck (Paul Giamatti) finally has Axe on the verge of arrest, only to be betrayed by Michael Prince (Corey Stoll), who strikes a deal to buy Axe Cap, the bank, and Taylor Mason Carbon. This two-pronged attack proved devastating for the seemingly invincible hedge fund king.
Chuck pinned Axe into a corner over Axe Capital’s involvement with a cannabis company connected to the black market, finally finding the leverage he needed to bring down his longtime nemesis. However, in a stunning turn of events that nobody saw coming, Axelrod made an unprecedented decision.
What Happened to Axe in Billions: The Great Escape
The Switzerland Solution
To avoid facing prosecution in the U.S., Axe fled to Switzerland. This wasn’t just a temporary retreat—it was a strategic exit that allowed him to escape criminal charges while preserving most of his wealth. Rival billionaire Mike Prince (Corey Stoll, introduced in Season 5), who helped Chuck implicate Axe, offered to seize control of Axe’s empire for $2 billion. In exchange, Axe avoided jail time by running off to Switzerland before the authorities could reach him.
This resolution was both satisfying and frustrating for viewers. In a way, it’s the ideal end to the Chuck-Axe feud: Axe lost, but Chuck didn’t get the satisfaction of putting him behind bars. The master manipulator had finally been outmaneuvered, but he managed to slip away from justice one final time.
Season 5 Episode Ratings and Reception
| Episode | Title | IMDb Rating | Significance |
|---|---|---|---|
| 5.01 | “The New Decas” | 8.1/10 | Season premiere |
| 5.07 | “The Limitless Sh*t” | 8.3/10 | Mid-season finale |
| 5.08 | “Copenhagen” | 8.2/10 | Return from COVID break |
| 5.12 | “No Direction Home” | 8.6/10 | Axe’s final episode |
The Real-World Reasons Behind Damian Lewis’s Departure
Personal Tragedy and Professional Decisions
The New York Times Interviewed Lewis shortly after season 5’s finale and revealed his exit had actually been in the works for “several years.” The former Homeland actor also made sure to emphasize that, while the passing of his wife, actress Helen McCrory, was not a deciding factor in why he left Billions, the decision formed “part of a long-standing plan to spend more time with his family in England”.
Helen McCrory, Lewis’s wife and accomplished actress known for her roles in “Harry Potter” and “Peaky Blinders,” died of cancer in April 2021 at age 52. Lewis said in a statement on April 16, 2021 that McCrory died of cancer at age 52. They have two children together. “I’m heartbroken to announce that after a heroic battle with cancer, the beautiful and mighty woman that is Helen McCrory has died peacefully at home, surrounded by a wave of love from friends and family,” Lewis said.
Creative Completion
Beyond personal circumstances, Lewis felt that Axelrod’s character arc had reached its natural conclusion. According to Damian Lewis, this neatly dove-tailed with the end of his five-season contract and feeling like Bobby Axelrod’s arc was complete. “It’s difficult to keep mining, creatively,” Lewis said, adding, “We know who [Axelrod] is.”
This sentiment was echoed by the show’s creators, who had been planning for Lewis’s eventual departure. BRIAN KOPPELMAN: Another part of the gift of being able to plan this for years was that we could have our antennas out for what was going on in the way people in the real world were crashing the narrative of this question of outsized wealth.
Billions Without Axe: The Mike Prince Era (Season 6)
The New Antagonist
With Axelrod’s departure, the show needed a new billionaire for Chuck Rhoades to battle. After debuting in the Showtime drama’s fifth season as Michael Prince, a rival billionaire to Axe (Damian Lewis), Corey Stoll steps into lead status for season 6 (premiering Sunday), following Lewis’ departure.
Michael Prince represented a different type of billionaire—one who publicly claimed to want to do good with his wealth. Prince is described as “a business titan from a small town in Indiana”. Prince is a self-made billionaire, made his first billion by selling his and his friend’s company shares to Microsoft but refused to sell the rest to give up control.
Season 6 Reception and Challenges
The transition proved challenging for the series. Season 6 received the worst reviews of Billions’ run, although some of that was a reflection of review bombers causing ratings problems for IMDb and other sites. Still, it was undeniable that Billions lost a lot of what made it so compelling after Damian Lewis’ Bobby Axelrod left.
Rotten Tomatoes Ratings by Season
| Season | Rotten Tomatoes Score | Critical Reception |
|---|---|---|
| Season 1 | 78% | Mixed to positive |
| Season 2 | 89% | Highly acclaimed |
| Season 3 | 93% | Peak performance |
| Season 4 | 97% | Critical darling |
| Season 5 | 91% | Strong finish for Axe |
| Season 6 | 100% | Critics kinder than audiences |
| Season 7 | 60% | Mixed final season |
The stark difference in audience reception versus critical scores for Season 6 highlighted the challenge of continuing without the show’s central character. Many fans struggled to connect with the new dynamic between Chuck and Prince, missing the electric chemistry between Giamatti and Lewis.
The Return of the King: Axe in Season 7
The Announcement
“Axe is back and it’s exciting,” Lewis said of his “Billions” character’s return. In February 2023, Showtime officially announced that Damian Lewis would return as Bobby Axelrod for the show’s seventh and final season. However, this wasn’t a full return—It’s confirmed that Lewis will appear as Axe in six of the season’s 12 episodes.
The Catalyst for Return
Axelrod returns because Prince dared to threaten Wendy, and then when Chuck calls for help, it is time to bring the original giant back to Billions to make sure that everyone knows who really runs this show. The threat to Wendy Rhoades, Axe’s former performance coach and the woman who understood him better than anyone, served as the perfect motivation for his comeback.
The Final Battle
Season 7 brought the series full circle with an epic confrontation between all three power players. For the grand battle, Axelrod and Rhoades teamed up to help Axelrod exact revenge against Prince for the coup that Prince pulled against Axelrod at the end of Season 5. That forced Axe out of the country and allowed Prince to take over the ashes of Axe Capital.
The final season’s plot was typically complex, involving Prince’s quixotic bid for the presidency by promulgating a Trump-esque platform, an ego-stroking trip to Camp David, a big dose of fake news around energy stocks and some sleight of hand that allowed the good guys to stay rich while Prince was (mostly) wiped out.
Character Analysis: What Made Axe Irreplaceable
The Psychology of Bobby Axelrod
Known as “Axe” by friends and enemies alike, Bobby is an incredibly smart and capable investor, able to see many moves ahead in his investments and appearing to come out ahead every time. He is hardly ever on the losing side, and his intelligence, shrewdness, and decisive leadership often win him the awe and respect of friends and enemies.
However, beneath the successful exterior lay deep psychological scars. The pattern started with his father, whom he bears the greatest hatred for. So great is Bobby’s hatred for his sire, he threatened to leave his mother destitute should she ever speak with his father again, crushing the Lexus he bought her when he found out that his father had it.
The Performance That Defined a Show
There’s no replacing Bobby Axelrod, an antihero whose uniquely frantic energy made him seem more like a cult leader who has a tasteful collection of hoodies and the temperament of an overtired toddler—someone who could probably convince his employees to jump off a cliff if it meant a strong return on investment.
Lewis’s portrayal brought a manic energy to the character that made him simultaneously repulsive and magnetic. His Axelrod was equal parts genius and monster, capable of extraordinary generosity and devastating cruelty, sometimes within the same episode.
The Impact of Axe’s Absence and Return
Viewership and Cultural Impact
The departure of such a central character inevitably affected the show’s cultural relevance and viewership. While specific Nielsen ratings for individual seasons aren’t publicly detailed, the critical reception and fan response clearly indicated a significant drop in engagement during Season 6.
| Metric | Pre-Axe Exit (S1-5) | Post-Axe Era (S6) | Return Season (S7) |
|---|---|---|---|
| Critical Reception | Consistently High | Mixed | Divisive |
| Fan Engagement | Peak | Significant Drop | Renewed Interest |
| Cultural Relevance | High | Moderate | Legacy Focus |
The Supporting Cast’s Evolution
Dollar Bill (Kelly AuCoin) and Mafee (Dan Soder) walk out on the new administration, while Wendy, Taylor (Asia Kate Dillon), and Wags (David Costabile) are stuck working for Prince. The departure of key Axe loyalists and the forced integration of others under Prince’s leadership created new dynamics that, while interesting, couldn’t fully replace the original Chuck-Axe tension.
The Final Resolution: How Billions Ended for Axe
Coming Full Circle
“Billions” ends where it began. At the close of “Admirals Fund,” the series finale of the Showtime drama series, Bobby Axelrod is scheming once again to make a new fortune with his merry band of alpha-male traders, who are revved up by his leadership to kill in the name of capitalism.
The series finale provided a satisfying conclusion for longtime fans, with Axelrod ultimately triumphant over his enemies. Axelrod, played with gusto until the final frame by Damian Lewis, winds up on top. His most recent foil, rival trader/investor Michael Prince (Corey Stoll), has been defeated, publicly humiliated — although he is destined to rise again.
Character Endings
The finale provided closure for all major characters:
- Bobby Axelrod: By the end of Season 7, Bobby Axelrod regains ownership of Axe Capital in light of Michael’s new financial troubles and turns it into the headquarters of Axe Global
- Wendy Rhoades: Wendy heads out of the world of Axelrods and Princes to do some good for the world by running her tele-health therapy business
- Chuck Rhoades: Chuck has once again secured the role of the U.S. Attorney for the Southern District of New York — one of the most powerful law enforcement posts in the country
- Mike “Wags” Wagner: Axe’s hard-partying, hard-working, ever-faithful second in command is heading off to Miami to check out the investment scene there
Frequently Asked Questions
1. Why did Damian Lewis leave Billions after Season 5?
Damian Lewis left Billions due to a combination of personal and professional reasons. His departure had been planned for several years as part of his desire to spend more time with his family in England. While the tragic death of his wife, actress Helen McCrory, in April 2021 was not the primary factor, it reinforced his decision to prioritize family time. Additionally, Lewis felt that Bobby Axelrod’s character arc had reached a natural conclusion after five seasons.
2. What happened to Bobby Axelrod at the end of Season 5?
At the end of Season 5, Bobby Axelrod fled to Switzerland to avoid prosecution in the United States. Chuck Rhoades had finally cornered him with evidence related to Axe Capital’s involvement with a cannabis company connected to the black market. Rather than face jail time, Axelrod accepted a deal brokered by rival billionaire Mike Prince, who bought out Axe’s companies for $2 billion, allowing Axe to escape with his wealth intact.
3. Did Bobby Axelrod return to Billions before the series ended?
Yes, Bobby Axelrod returned for the seventh and final season of Billions. Damian Lewis appeared in six of the season’s 12 episodes. His return was motivated by Mike Prince’s threat against Wendy Rhoades and Chuck’s call for help. The final season focused on Axelrod’s revenge campaign against Prince, ultimately resulting in Axe regaining control of his empire and emerging victorious.
4. How was Season 6 received without Bobby Axelrod?
Season 6 received mixed to negative reactions from both critics and audiences, marking the worst reception in the series’ history. While Rotten Tomatoes gave it a 100% critic score, audience scores were significantly lower. Many fans felt the show lost its central appeal without the dynamic between Chuck Rhoades and Bobby Axelrod. The new antagonist, Mike Prince, while well-acted by Corey Stoll, couldn’t fully replace the electric chemistry that Lewis brought to the series.
5. How did the series finale resolve Bobby Axelrod’s story?
The series finale, titled “Admirals Fund,” brought Bobby Axelrod’s story full circle. He successfully defeated Mike Prince, regained control of his financial empire (now called Axe Global), and was back to scheming and building his fortune. The ending positioned Axelrod as ultimately triumphant, having overcome both legal challenges and business rivals. His character ended where he began—as a master of the financial universe, surrounded by loyal traders ready to follow his lead.
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