Spider-Man: No Way Home has already hit theaters in some parts of the world. The reviews are in, and Sony’s highly anticipated film starring Tom Holland as the web-slinger is certified fresh on Rotten Tomatoes, with critics praising the threequel for its expansion of the beloved story as well as its action-packed and comedic elements.

Meanwhile, the interlnet has been abuzz about Spidey for months — starting with teaser breaking the internet in August and the follow-up official trailer in November spawning a series of swirling fan theories. One of which involves Peter Parker’s best pal.

Ever since Ned Leeds (played by Jacob Batalon) was introduced in Spider-Man: Homecoming, fans have been expecting the supporting character to turn evil and maybe become the Hobgoblin — like in the comics. It already looks as though Spider-Man: No Way Home has five villains involved, so it seems unlikely that there’s room for Hobgoblin. But the latest Spider-Man installment has potential to set the stage for his transformation in the next movie. Here’s a closer look at the pertinent characters’ backstories and the hot-button fan theory that sent the internet spinning.

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Ned Leeds Backstory: Comics vs MCU

     Via Fandom

Edward “Ned” Leeds is a fictional character who first appeared in Marvel Comics. A supporting role in stories featuring Spider-Man, he has been a reporter for the Daily Bugle. He and Peter compete for the affections of Daily Bugle secretary Betty Brant, but Parker drops out of the running due to realizing that Brant won’t be able to accept Spider-Man’s double identity. Leeds would also become the comics’ third character to take on the Hobgoblin mantle after being brainwashed as a stand-in, and subsequently killed by the supervillain known as the Foreigner before he could reveal who had framed him. Peter reflected on Ned’s death years later, believing Ned must have been framed, as the Foreigner would never have been able to defeat the real Hobgoblin.

Jacob Batalon portrays Ned in the Marvel Cinematic Universe, appearing in Spider-Man: Homecoming (2017), Avengers: Infinity War (2018), Avengers: Endgame (2019), Spider-Man: Far From Home (2019) and, of course, Spider-Man: No Way Home (2021). In an interview with CBR, Batalon had described Ned as “the quintessential best guy, the best man, the number two guy, the guy in the chair” for Parker. Marvel reportedly used Ned Leeds as a basis for the character, who does not have a last name in the script or film, but essentially created their own character with him.

Hobgoblin Comic Origins

The Hobgoblin has not always been specifically tied to Marvel’s Ned character. Rather, it is the alias of several of Spider-Man’s supervillains. The first and most prominent incarnation, Roderick Kingsley, made his debut in the comics 1983. Other characters have assumed the mantle over the years, including Jason Macendale during the 1980s and1990s, and Phil Urich in the early 2010s. The Hobgoblin’s creators, writer Roger Stern and artist John Romita Jr., had been under pressure to bring back the famed Green Goblin, but instead introduced a new concept as a sort of heir to the Goblin legacy. The Hobgoblin’s identity was not initially revealed in the comics, generating one of the longest-running mysteries in the Spider-Man comics.

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Fan Theory, Explained

     Via YouTube

And finally, there’s the trending notion that aims to connect the updated Ned from the movies and “evil Ned” from the comics. The Reddit fan theory that’s causing an online ruccus is inspired by a climactic scene that’s been teased in the Spider-Man: No Way Home trailers. The villains will endanger Peter’s girlfriend MJ (played by Zendaya) by throwing her off some sort of high-rise. Ned is shown to be involved in this scene as well, begging the question: Will Pete have to choose between his girlfriend and best friend?

The Reddit user proposed that our hero will choose MJ. However, fans online are thinking that Ned could survive, and Peter’s decision to let him die — with the help of some brainwashing, like in the comics — means Ned returns for a future Spider-Man film as the Hobgoblin. Fans are cleraly eager to see this mysterious villain make an appearance, and it would be an intriguing turn of events if he was the first villain Peter was responsible for creating. Here’s a closer look at the actual Reddit post:

     Via Reddit