Is it madness ? Is it?

Glorious, all of them!

I'm not very good at Photoshop but...

Loki is genderfluid in the show, and although it has never been actually said out loud, giving that he canonically comes from a sexist society with very outdated views on sexuality and gender norms, it's safe to say that Loki has problems accepting that part of himsel. Whatever their relationship is textually, in a subtextual level his friendship/love for Sylvie is meant to represent Loki's acceptance of his feminine side.

Kid Loki is supposed to be Loki's inner child. He is Loki's mischievousness and curiosity, his innocence and sense of wonder, and I love the fact that they decided to make him the King of the Void and one of the strongest variants because they are essentially saying that these are Loki's strongest, most important personality traits and that just breaks me 🥺

President Loki is his cruelty, ruthlessness and lust for power, and the despise/embarrasment he inspires in Loki represents the rejection of those parts of himself. That's also why President Loki wants to overthrow Kid Loki. Because those two parts of himself (his innocence and his cruelty) are forever at war with each other.

Old Loki is a future in which Loki lives out the rest of his days alone and forgotten. He is a living representation of his greatest fears coming true and that's why Loki refuses to make a toast about them being the Gods of Outcasts. Because he is choosing to reject that future and work on himself to become better and finally find happiness. That is also why in order to help Sylvie and Loki fulfill their destinies, Old Loki had to die.