Pink Slip delves into each collaborator's personal relationship with materialism and the concept of possession. Kerri's hook describes a lifestyle he will never have, flaunting wealth and a car without concern over losing it. Nick (Still Haze) speaks about his love for collectibles; he mentions cards which have perceived value that will hopefully increase over time. While Nico (Skinny Atlas) is making his vocal debut for the first time, helping someone escape a bad situation and expressing love through generosity, materially or emotionally. Overall, the song's title is apt, referring to the transfer of ownership from one person to another, whether it be wealth, items, or a connection. It was written and recorded in Montreal before being finished in New York in the summer of 2022.