Loki's new look in Immortal Thor seemingly signals their return to villainy.
In Immortal Thor #2, Marvel has revealed Loki's new persona as the Teller of Tales, complete with a new look and an apparent return to villainy. SPOILERS follow Immortal Thor #2 by Al Ewing, Martín Cóccolo, Matt Wilson, and Joe Sabino. Immortal Thor kicked off a new era of Thor in grand fashion, and it became clear that something was going on with Loki.
Immortal Thor #2 continues Thor's clash with Toranos, the Utgard-Thor from the Utgard-Realm, where those who appear like gods to the gods dwell. Using the power and knowledge he inherited from his father, Odin, Thor outsmarts Toranos and banishes him from New York City. Fighting off the All-Sleep, Thor then sets about repairing the damage done to the city before fleeing to the gray area of the moon, where no life exists, to await Toranos' return.
He's surprised to find Loki there. Loki asks if Thor trusts them in three different roles: First, he asks Thor if he trusts them as their loyal subject of Asgard. Then, the same question, but as Thor's brother. Finally, and perhaps most ominously, Loki asks if Thor trusts them even as his enemy. Despite sensing danger, Thor agrees to trust Loki in all these functions. With that, Loki transforms into a new form, that of Loki, Teller of Tales.
Loki greets Thor like an old rival they haven't seen in a long time. Given the threat in Thor's response, it seems that Loki is leaving their time as an antihero and Thor's ally behind to return to their original role as Thor's troublesome enemy. And yet, Immortal Thor #1 implied that Loki sensed the coming of the Utgard. They may have returned to a more villainous persona, but it seems they're doing what they believe they must in the best interest of the realms.
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