Our story begins with a shocking twist, as we see
Spider-Man escaping after having just robbed a bank! He webs up the chasing
police and swings away into the foggy night! The next day, the public reacts
with shock at the apparent confirmation that Spider-Man has turned to crime.
J. Jonah Jameson orders reprints of all of his anti-Spider-Man editorials, while
Betty Brant is filled with disbelief. At school, only Flash Thompson thinks
Spidey could still be innocent. Finally, Peter Parker himself thinks that it
couldn’t possibly be an imposter, and begins to worry that he may be committing
these acts unconsciously. He is so distraught by this possibility that he keeps
dropping dishes and has troubling sleeping, causing Aunt May to worry about
him.
Upon awaking the next morning, Peter hears of another
apparent Spider-Man escapade, and decides to head to a psychiatrist as
Spider-Man, to see if he can give Peter some answers. The psychiatrist in
question revels at the possibility of having a superhero as a client, but
Spider-Man realizes that he could accidentally give away his identity if he’s
not careful, and leaves the psychiatrist’s office. Later at the Daily Bugle,
Peter is still so dejected, that he snaps at Betty, before asking Jameson for a
loan. Having been denied his loan, Peter tries going out as Spider-Man to get
some photos to sell to Jameson but gets mobbed by an angry public.
The next day, at the Daily Bugle, Jameson is
approached by a costumed figure calling himself Mysterio. Mysterio instructs
Jameson to print a notice for Spider-Man in the Bugle, to meet him atop the
Brooklyn Bridge, where Mysterio will put a stop to Spider-Man and his reign of
crime, before disappearing in a puff of smoke. The next day, Peter sees the
notice and goes to meet Mysterio at the Brooklyn Bridge as Spider-Man. Mysterio
avoids Spider-Man’s blows by springing over Spider-Man and sticking to the side
of the bridge. Spider-Man tries webbing up Mysterio but Mysterio seemingly
dissolves Spider-Man’s web in mid-air. Spider-Man thinks he may have magnetized
shoes or dissolving mist or other tricks up his sleeve. Mysterio then sets up a
large smokescreen, nullifying Spider-Man’s spider sense and laying into him,
with Spidey just swinging blindly. Spider-Man is forced to escape by diving
into the river, and makes his way home, defeated, but at least believing he
knows who was been behind the phony Spider-Man.
The following day, the public throws a parade for
Mysterio, seeing him as a new hero who drove away Spider-Man. Only Flash
remains unconvinced. At the Daily Bugle, Jameson formally introduces Mysterio
to his staff, including Peter, his star photographer. Peter takes the
opportunity to slyly place a spider tracer on Mysterio, so as to track him
later. After Mysterio leaves, Spider-Man follows the tracer and ambushes
Mysterio outside of a movie production building. Mysterio sets up his
smokescreen, once again overwhelming Spider-Man, who admits that he can’t
defeat Mysterio but at least wants him to admit to committing the crimes
dressed as the phony Spider-Man.
Mysterio confirms this, and thinking he will be able
to get rid of Spider-Man, recounts his backstory. Mysterio tells of how he was
a stuntman and special effects artist for movies, who started studying
Spider-Man, and used his expertise to mimic Spider-Man’s powers in order to
frame him for his crimes. He reveals the smoke emitters his in boots, as well
as spring shoes and an acidic spray to dissolve Spider-Man’s webs. As Mysterio
announces he’ll now get rid of Spider-Man forever, Spidey reveals that he was
feigning his defeat and secretly recording the entire thing. He springs out of
the smoke cloud, running around the outside of it and swinging blindly until he
lands a hit on Mysterio, sending him tumbling into the movie studio.
Spider-Man and Mysterio engage in a battle on the
movie set, with Mysterio springing out of Spider-Man’s way and using his
stuntman training to offset Spider-Man’s blows as best he can. Spidey flips
behind one of the sets then dives through it, surprising Mysterio and knocking
him for a loop. As Mysterio sets up his smokescreen once more, Spidey destroys
the spider sense jammer, deducing that it’s stored in the eye clasps on
Mysterio’s cape. Spidey makes sure to pick up his camera with all of the pics from
the fight and drops Mysterio off at the police station with his taped
confession. Jameson, dejected that he was once again wrong about Spider-Man,
returns to the Bugle where he finds the photos Peter took of the fight waiting
for him. Spidey swings in through the window and webs Jameson to the ceiling,
in order to give him a “new outlook.” The story ends with Flash feeling
vindicated for always believing in Spidey and Pete swinging off thinking how
ironic it is that his bully is also his biggest fan!