The penultimate episode of ‘Industry’ Season 4, titled “Points of Emphasis,” delivered major fallout for Tender, shocking betrayals, and a deep dive into the complicated relationship between Whitney Halberstram and Henry Muck. Actor Max Minghella opens up about playing the enigmatic fintech founder and what drove his character’s connection with Kit Harington’s aristocratic CEO.
The HBO drama Industry reached a boiling point in its latest episode, which aired on February 22, 2026. As Tender’s fraudulent foundation crumbled and Whitney attempted a desperate bid to acquire Pierpoint, viewers got a closer look at the strange bond between the startup’s two leaders. Minghella, who joined the cast this season as the manipulative Whitney, sat down with Variety to break down what was really going on beneath the surface of the Whitney-Henry dynamic .
Minghella on Finding Common Ground With Henry Muck
While Whitney Halberstram operates as a slick, confident American entrepreneur who seems to have all the answers, Minghella revealed that he personally related more to Henry than to his own character. This unexpected connection helped him build the chemistry that drives their scenes together.
“I related to Henry more than any other character in the show, in a kind of profound way. I found Henry so close to where I was at in my life, doing the show, going into it,” Minghella explained. “That was so great for me, because obviously Whitney, whether it’s authentic or not, is interested in this person. That was so easy for me, because I felt he found him so relatable” .
The actor noted that while Whitney possesses confidence and traits he wishes he had, the character is far removed from who he is as a person. This contrast actually helped him portray Whitney’s fascination with Henry more authentically.
A Father-Son Dynamic or Something More?
According to Minghella, he and Harington approached their characters’ relationship from different angles. While Minghella found personal connection to Henry, Harington viewed the dynamic through a different lens.
“I think, not to speak for [Kit], that [Henry] very much saw Whitney as a father figure, as a paternal figure, and leaned into that a lot in his thinking,” Minghella shared .
This interpretation makes sense given Henry’s arc this season. After hitting rock bottom following his failed political career and relapse, Henry was searching for direction when Whitney entered his life. The older, seemingly wiser American offered him a path forward with Tender. But as Episode 7 made clear, Whitney’s intentions were never pure. He set Henry up as the public face of a fraudulent company, knowing the aristocratic CEO would take the fall when regulators came knocking.
Minghella’s Gratitude for Harington’s Support
Beyond the character dynamics, Minghella was candid about his own nerves joining the established cast of Industry. Having spent nearly a decade on The Handmaid’s Tale, stepping into a new ensemble came with pressure. He credits Harington with helping him through it.
“First of all, I’d say that Kit was just a really important person to me in this whole process. He’s just so good, really lifts you up as an actor, but he’s an incredibly kind person and generous person. I was very nervous, intimidated by the whole thing, and kind of out of my depth, I think. And then he made me feel so safe. He was so supportive. It was unbelievable. I couldn’t have done it without him,” Minghella said .
The Seduction of Henry Muck
Showrunners Mickey Down and Konrad Kay previously explained how they crafted Whitney’s approach to Henry. In a GQ feature detailing the making of Episode 7, Kay described how Whitney identified Henry at his lowest point and offered him a new narrative .
“That first seduction of Henry is all about taking this broken man and saying, ‘By the way, you’re just telling the wrong story about the facts of your life,’” Kay said .
This manipulation explains why Henry clung so tightly to Whitney’s vision, even as Tender’s problems mounted. Whitney offered him redemption, a chance to rewrite his story after public failure. But as Episode 7 revealed, that redemption came at a devastating cost.
Blackout Acting: Minghella’s Unconventional Approach
To capture Whitney’s unpredictable nature, Minghella adopted what he calls “blackout acting.” Rather than planning each beat of a scene, he allowed himself to react spontaneously to whatever happened in the moment.
“I would almost black out shooting the show, because I would just let anything happen. I didn’t go in with any kind of plan or agenda of how I wanted anything to go. I would just let each take happen, and whatever happened in that take happened, for better or worse,” he revealed .
This approach made the experience somewhat disorienting. Minghella admitted he had no real sense of what Whitney was like until he watched the finished episodes. The only trait he consciously focused on was impatience, noting that Whitney is constantly checking his watch and trying to avoid standing still long enough to be caught .
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Where Whitney and Henry Stand After Episode 7
By the end of “Points of Emphasis,” both characters faced uncertain futures. Whitney attempted to flee New York with a Lithuanian passport but was intercepted by Tender board member Ferdinand and Dez Watkins, who pressured him to remain loyal to the company . He was forced to deliver a speech at the Al-Miraj Pierpoint AGM praising Tender, though it ultimately didn’t save the company from collapse.
Henry, meanwhile, returned alone to Tender’s headquarters to find both Whitney and Yasmin gone, replaced by a new secretary . Only then did he realize his wife had allowed him to hit rock bottom, with Yasmin previously telling his father that she wanted Henry to “face consequences” for his actions.
The Serious Fraud Office has now compelled Tender to undergo an audit, and the company’s stock has plunged. With one episode remaining in Season 4, viewers will finally see where the chips fall for both Whitney and Henry .
Industry Season 4 concludes on HBO and HBO Max in the USA on Sunday, and on BBC One and BBC iPlayer in the UK on Monday .
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