The fifth episode of The Beauty, titled “Beautiful Billionaires,” delivers major shocks, including the stunning origin story of the main villain and deeper connections for the central characters. The episode, which aired on February 4, 2026, splits its story between the present-day crisis and a pivotal flashback three years earlier. This narrative shift introduces a key new actor to the series and changes how viewers see several characters. The cast, led by Evan Peters and Rebecca Hall, continues to navigate the dangerous world of a beauty-enhancing drug with deadly consequences.
The Core Cast and Their Journeys in Episode 5
Evan Peters plays Cooper Madsen, the FBI agent determined to solve the spreading epidemic linked to the mysterious “Beauty” drug. In this episode, his personal and professional missions collide. After his partner, Jordan Bennett, underwent a shocking physical transformation in an earlier episode, she arrives at his apartment in her new form. Cooper, initially skeptical and holding her at gunpoint, is convinced of her identity when she repeats a private nickname. His primary goal shifts from pure investigation to protecting Jordan from being taken by authorities and used as a test subject.
Rebecca Hall’s character, Jordan Bennett, experiences the harsh reality of her new appearance. Although Hall’s physical presence in Episode 5 is limited, her character’s journey is advanced through Jessica Alexander, who now portrays Jordan’s transformed body. Jordan explains to Cooper that while the initial attention from her new beauty was exciting, it quickly led to uncomfortable objectification. This story highlights the show’s theme that beauty can be a double-edged sword, especially for women.
Anthony Ramos plays the Assassin, a calm and deadly enforcer working for the tech billionaire behind the Beauty drug. In Episode 5, he continues his mission to eliminate people who have contracted the virus without authorization. He is now accompanied by his reluctant apprentice, Jeremy, played by Jeremy Pope. Their dynamic mixes menace with dark humor as they track down infected individuals. Their story in this episode ends with them leaving a gruesome warning for Cooper, directly raising the stakes for the FBI agent.
Vincent D’Onofrio Joins as the Original Byron Forst
The most significant casting reveal of Episode 5 is the introduction of Vincent D’Onofrio as Byron Forst. The flashback to three years ago shows that Ashton Kutcher’s character, known as “The Corporation,” was not always a young tech mogul.
Vincent D’Onofrio portrays the original Byron Forst—a fast-talking, aging billionaire desperate to cling to youth and power. His performance is deliberately slimy and obnoxious, a stark contrast to the more controlled and menacing version of the character played by Kutcher.
This flashback sequence details the sinister origin of the Beauty drug. Byron gathers a group of fellow billionaires, including characters played by Peter Gallagher and Billy Eichner, for an exclusive demonstration. After they all take the drug and transform into younger, attractive versions of themselves, Byron brutally murders every other billionaire to ensure he holds a monopoly on the technology. He spares only the scientist who created it, Ray (Rob Yang), forcing him into servitude. This act establishes Byron as the ruthless source of the entire epidemic.
Ashton Kutcher’s Role as the Transformed Villain
Following the flashback transformation, Ashton Kutcher embodies the present-day version of Byron Forst, also known as “The Corporation”. Episode 5 solidifies his role as the series’ primary antagonist. His character is driven by greed and a desire for control, dismissing scientific concerns about untested variants of the drug. He is determined to launch “World Beauty Day” to release the drug publicly, viewing FBI Agent Cooper Madsen’s investigation as a direct threat to his plans. This motivates him to order the Assassin to “take care of” Cooper, setting up a major conflict for future episodes.
Supporting Characters and Notable Appearances
Isabella Rossellini plays Franny Forst, the estranged wife of Byron. In the flashback scenes of Episode 5, she provides a cynical counterpoint to his ambitions. She openly despises his quest for eternal youth and is trapped in what she calls a “golden prison” of a marriage for financial reasons. Her character offers sharp commentary on the emptiness of chasing beauty standards, telling Byron, “Once I learned that beauty is the answer to nothing, I became the happiest I’ve ever been”.
Other notable actors appear in the billionaire gathering flashback. Peter Gallagher plays Axel Zufo, a fossil fuels billionaire, and Billy Eichner plays Waylen Lemming, a crypto billionaire. Both are among the group that Byron betrays and murders after they take the Beauty drug.
The episode also follows the story of Nate, a man tracked by the Assassin and Jeremy for spreading the virus. While not a major star role, his fate is a key plot point. After being interrogated, his mutilated body is later discovered in Cooper Madsen’s apartment, left as a clear threat from the Assassin and his employer.
Jeremy Pope’s character, Jeremy, continues his dark arc. Once a insecure man seeking transformation, he is now under the wing of the Assassin, learning his violent trade. His journey from victim to accomplice adds a layer of tragedy to the series.
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How Episode 5 Changes the Series
“The Beauty” Episode 5 successfully deepens the series’ mystery by revealing the villain’s origin. The casting of Vincent D’Onofrio as the original Byron Forst provides critical backstory and motivation, explaining why Kutcher’s character is so powerful and ruthless. The episode also tightens the narrative connections between the main characters. Cooper is now personally targeted by Byron’s forces, and his relationship with the transformed Jordan adds emotional weight to his investigation.
The dual narrative highlights the show’s central themes: the extreme and dangerous measures people take to achieve societal standards of beauty, and the corruption that absolute power enables. With the threat of a global “World Beauty Day” launch looming, the stage is set for an intense second half of the season.
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