>>91815830Mr. Mxy admitted in Reborn that because he is from the 5th dimension he is where ideas come from and there is only one of him. He plays the different parts that each unique universe requires him to play, but it is always him with the same knowledge and memories.
It is kinda like Dr. Manhattan and how he acts as he always acted, except Mr. Mxy is only directed by the premise or idea of that universe and thus has much more free will and can have fun.
He went evil in that comic because that universe wanted to tell the story of what happens if he goes evil.
The page where he explains it to Jon Kent is awesome with a full page spread of all the different Mr. Mxy and Superman characters through history, including the animated series Superman and the Mr. Mxy voiced by Gilbert Gottfried.