Now, was called M&M
But he threw away the candy and ate the rapper

from Bad Meets Evil – Fast Lane Lyrics on Rap Genius

Meaning

Eminem used to spell his stage name “M&M”, just like the sweets. He got rid of the spelling (threw away the candy), so his name was no longer spelled like the candy. Then, he ate the wrapper of the candy, just like he “eats rappers” now

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