Swifties have a lot of theories about who could be the subject of Taylor Swift’s song “Father Figure.”

The song — track 4 from Swift’s 12 studio album, The Life of Showgirl — discusses a relationship between a person and their mentor as they navigate their way through the industry. The track also includes an interpolation from George Michael’s song of the same name.

“When I found you / You were young / We were lost in the cold / Pulled up to you in the Jag,” Swift sings. “Turned your rags into gold / The winding road leads to the chateau / You remind me of a younger me / I saw potential.”

Upon the album’s Friday, October 3, release, some fans immediately theorized that Swift, 35, could be referencing Olivia Rodrigo in the track. Rodrigo, 22, previously shared how she looked up to Swift. The musicians once shared a close bond, which has since seemingly fizzled after Rodrigo released her album Sour.

Rodrigo initially gave Swift credit on her song “1 Step Forward, 3 Steps Back,” which uses an interpolation of Swift’s track “New Year’s Day.” After fans pointed out that Rodrigo’s song “Deja Vu” sounds like Swift’s “Cruel Summer,” Swift was retroactively given credit.

“I’ll be your father figure / I drink that brown liquor / I can make deals with the devil because my d***’s bigger,” the chorus of “Father Figure” goes. “This love is pure profit / Just step into my office / I dry your tears with my sleeve / Leave it with me.”

However, as the song continues, others theorized that Swift is not the “father figure” at the start and believe that she might be talking about her former working relationship with Scott Borchetta, who was the CEO of Swift’s former label, Big Machine Records.

“I pay the check before it kisses the mahogany grain / Said they want to see you rise / They don’t want you to reign,” the song continues. “I showed you all the tricks of the trade / All I ask for is your loyalty / My dear protégé.”

Swift had a falling out with Borchetta after he sold her masters to Scooter Braun in 2019. The purchase led to the pop star rerecording her first six albums and marking them as “Taylor’s Version.” Braun, 44, eventually sold Swift’s catalog to Shamrock Capital for $300 million.

“I saw a change in you / My dear boy / They don’t make loyalty like they used to,” Swift sings in the third verse. “Your thoughtless ambition sparked the ignition / Our foolish decisions which led to misguided visions.”

Earlier this year, Swift announced that she was able to finally purchase her masters from Shamrock and now owns every song and album she’s written.

“All the times I was this close, reaching out for it, only for it to fall through. I almost stopped thinking it could ever happen after 20 years of having the carrot dangled and then yanked away,” Swift wrote in a lengthy letter shared via her website in May. “That’s all in the past now. I really get to say these words: All of the music I’ve ever made now belongs to me.”

At the end of “Father Figure,” Swift seemingly becomes the titular character and has taken on mob-like qualities.

“I was your father figure / We drank that brown liquor / You made a deal with this devil / Turns out my d***’s bigger,” she sings, seemingly referring to Borchetta’s deal with Braun. “You want to fight / You found it / I got the place surrounded / You will be sleeping with the fishes before you know you’re drowning.”

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