Songfacts®:

• Here, Taylor Swift throws some shade at people who have betrayed her, in particular the Pop Princess' bête noire Kanye West. She said during her iHeart Reputation Album Release Party:
  
  "It's about when people take nice things for granted. Like friendship, or trusting people, or being open or whatever. Letting people in on your life, trusting people, respect - those are all really nice things."
• The song represents the next chapter of the Swift/West beef. Taylor originally fell out with Kanye in 2009 after he interrupted her speech at the 2009 MTV VMAs. She referenced the incident on her Speak Now track "Innocent." They became friends again properly in 2015, when Taylor presented Kanye with the VMA Vanguard Award, but their feud reignited again the following year when Kanye released his track "Famous," in which Yeezy rapped:
  
  I feel like me and Taylor might still have sex
  Why? I made that bitch famous
  God damn
  I made that bitch famous
  
  Swift was publicly unhappy with the track but Kim Kardashian West leaked a recording of a phone conversation between the "Shake It Off" star and the rapper that painted Swift as a liar.
• Taylor made a nod to her fall out with Kanye on Reputation's lead single "Look What You Made Me Do," but this track is more of a full-on West diss. Some examples of the shade she throws at the rapper:
  
  So why'd you have to rain on my parade?
  I'm shaking my head and locking the gates
  
  Taylor was happily enjoying life hanging out with her friends and throwing parties, but West messed it all up when he released "Famous."
  
  Here's a toast to my real friends
  They don't care about the he-said-she-said
  
  During Kanye's 2010 song "Runaway", he raps about his remorse for being a fool including his infamous encounter with Swift at the 2009 VMA Awards. He goes on to "toast" those who are douche-bags, scumbags and jerk-offs. Swift is specifically subverting his lyrics by only toasting "real friends."
  
  But I'm not the only friend you've lost lately
  Mm mmm
  If only you weren't so shady
  
  Taylor seems to be referencing the fall out of West's friendship with Jay-Z, which the Brooklyn rapper talked about on his 4:44 track "Kill Jay Z."