History
Ned Tobolowski is a former student of the Empire State University and an old rival of Norman Osborn. He exposed Osborn for cheating in university, costing Osborn his scholarship and nearly getting him expelled. Ned later ran a successful hedge fund for several years before retiring and was now planning on buying a place in Florida to settle down with his wife. After running into Osborn, Osborn got revenge for what Ned did to him in college by using the Carnage symbiote to rip Ned's face off.[1]