How did Atari die?

Some brands permeate the public consciousness so effectively that people begin to call the product by the brand name. Try to remember the last time you asked for gelatin instead of Jello? In the realm of video games, Nintendo used to be that brand. I vividly remember my mom demanding I turn off my Nintendo Playstation in the early 00s. However, Nintendo's hold over the video game throne has loosened significantly in modernity. Playstation and Xbox have similarly eclipsed the company exactly like Nintendo usurped the console throne from Atari. Prior to Nintendo claiming their gilded seat in the center of the video game kingdom, Atari was the brand the populace mentally associated with video games. Sadly, that's no longer the case. It's gotten so bad for the former video game giant that their most prominent piece of press in 2021 came from Soulja Boy claiming to own the company. So how did the company hit the skids so dramatically? 

In the video linked above, the YouTube channel Company man explains how Atari fell from grace despite being the original company to pioneer video games.