History
The history of this incarnation of Magneto most likely mirrors that of his Earth-616 counterpart, up until the moment that Tony Stark sold his Iron Man technology and started a new arms race that rendered non-tech heroes and villains obsolete. The new technology was also used to build stronger Sentinels for hunting down Mutants. This obviously enraged Magneto and caused multiple Mutants to join him and his Acolytes.
Along with them, Magneto attacks the headquarters of the United Nations. There, Magneto claims to take responsibility of all mutants whether they want it or not, and threatens all assembled leaders to stray from this destructive path of doomsday technology, or he will stop it for them. To prove that their technology is no match for him, he twists and tears apart several Iron Guard soldiers.
Rather than complying with Magneto's demands, the government puts more of the country’s money into Sentinel technology to eradicate the mutant menace. This causes a riot to erupt between anti-Sentinel protesters and anti-mutant protesters. This is all interrupted once Magneto and his Acolytes appear before everyone. Magneto believes that if this is how humans react to his ultimatum, then they do not deserve to live. His Acolytes easily destroy any and all Iron Guards in the area.
This last act of war brings the last remaining X-Men out of hiding, and inspires Spider-Man, Thor, Daredevil, Elektra, Hank Pym and Wasp to come out of retirement. While the X-Men are quickly defeated, the Avengers manage to defeat the Acolytes. Thor personally fights Magneto. Meanwhile, Tony Stark decides to take matters into his own hands and deploys his latest creation, the giant Overload Iron Man, to attack Magneto with the intend to use his powers to destroy all technology in the world. Iron Man's arrival on the battlefield distracts Thor, allowing Magneto to defeat him. Magneto gloats over his triumph over an actual god, but his victory is short lived as Overload Iron Man easily overpowers and captures him. It's only due to the interference of Thor and James Rhodes that Stark is convinced to spare Magneto and to abandon his plan in favor of something more constructive.[1]