In the previous issue, Spider-Man seemingly killed John Jameson when John fell off the Brooklyn Bridge. As a consequence, J. Jonah Jameson is printing an editorial about how Spider-Man's a murderer. As he storms through his office, yelling at everyone, Robbie Robertson mentions that the Egyptian Delegation is flying to New York for the King Tut exhibitionn. He asks if it's okay if Peter Parker takes the photos, since he's low on the money, but Jonah yells that Peter Parker should be fired, since there's some connection between him and Spider-Man.
Peter calls up Mary Jane, since they haven't spoken for a while, and offers to go on a date with her. Mary Jane agrees, and thanks to Robbie, Peter manages to get tickets to the King Tut exhibition for the next day. Peter then changes to Spider-Man, and goes swinging. Although he feels happy, he's still worried, since J. Jonah Jameson thinks that he murdered John Jameson. Whilst wondering what happened to John when he seemingly vanished, Spider-Man notices a speeding car, and stops it. However, all the people who see this are scared of Spider-Man, as they believe J. Jonah Jameson's editorial about Spider-Man being a murderer.
Meanwhile, J. Jonah Jameson, in a twist of irony, goes to Spencer Smythe to ask him to build a new Spider-Slayer, not realising that Smythe was the one who sent the Man-Wolf to kill him in the previous issue. Smythe agrees to build a new Spider-Slayer, but is secretly planning his own agenda.
In anger at Jameson, Spider-Man heads to D.A. Tower, asking him for advice for what to do about Jameson. Tower points out that Spider-Man could sue Jameson for defamation of character, as he's completely innocent, but to do that he'd have to reveal his identity. Spider-Man decides to leave, not knowing what to do.
By now, Smythe has finished building the Spider-Slayer, but has also worked out how to get revenge on Jameson. He manages to trick Jameson into putting on a handcuff which has a bomb attached to it, then explains to Jonah that he secretly hates him, since Jonah kept making him build more and more Spider-Slayers, which needed radioactive materials to work. Over time, the radiation poisoned him, until he was dying, and so before he dies, he wants revenge on both Jameson and Spider-Man.
Spider-Man decides to go confront Jameson about his editorial, not knowing that he's been captured by Smythe. Along the way, he's attacked by Smythe's Spider-Slayer, which manages to tackle him to the ground. Although the Slayer is smashed by the fall, the fall succeeds in knocking Spider-Man out, so that Smythe can pick him up and take him to his lab. Upon Spider-Man waking up, he finds that he's been attached to the other link of the handcuff which Jonah was attached to, and that he has 24 hours until it explodes.
Notes: Features the Hostess Cup Cakes ad, The Incredible Hulk Changes His Mind!
Mark Gruenwald's assistant editor credit taken from letters page header.