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After decades of Spider-Man and Wolverine in the main event scene, the new owners thought they could hot shot the most mid of midcarders to the top and make him the face of the company, even rebuilding an old stable around him instead of Captain America.
The problem was it worked too well, the entire promotion rebranded itself around him, afraid to lose the level of dimes he was drawing in, throwing away any of the original creative direction and rehashing old angles. This fucker caused the Loki face turn, he politicked his way into hiring Spider-Man III, he was going over Thanos and making him look like a bitch in the Endgame Screwjob.
Then he fucking retired, he took his billy and went home.
Now nobody gives a shit, Spider had to start an indie stable to keep drawing, and everyone is just tired. He killed the business by saving it.