For the past few months, throughout Donny Cates' run on Doctor Strange, Loki has taken over as the Sorcerer Supreme, having unseated Stephen in a magic tournament. In today's new issue however, the title and cloak traded hands once again.
WARNING: Spoilers ahead for Doctor Strange #385
At the end of last month's issue, Stephen was absorbed by The Void and went head-to-head with Loki in a final showdown for the world-ending spell locked inside Zelma's soul. #385 picks up right where that issue left off, and Loki actually helps Stephen out by separating him from The Void and fighting the villain along side his predecessor.
When the battle was over, Loki pulled off a bit of a twist, revealing that the tournament used to take the Sorcerer Supreme mantle away from Stephen was all just an illusion he created. This is when he finally gives up the cloak.
Since the tournament was fake, Stephen was never actually unseated as the Sorcerer Supreme. He quickly takes back his title and cloak from the God of Mischief.
When asked why he made up the tournament and became the Sorcerer Supreme, Loki didn't have a straight answer. He initially said that he wanted to make Stephen better, so he could protect the world from the coming doom of Damnation and Infinity Countdown, but that was a lie. Loki then tried to make up stories about saving Zelma, taking down Asgard, and even complete boredom. However, as he kept talking, it was clear that Loki would never give the real reason why he decided to take Stephen's job. As with many issues surrounding Loki, he likely did this simply to say he did it, causing as much mischief as he could along the way.
Realizing that Loki is as full of it as ever, Strange then banished him to a place that he deemed "nowhere fun."
Heading into the Doctor Strange: Damnation event, which begins later this month, Stephen will once again reign as the Sorcerer Supreme, and it will likely be a long time before he's removed from that position again.
Doctor Strange #385, written by Donny Cates and illustrated by Gabriel Hernandez Walta, is currently on sale at your local comic book shop.