A Lehi company valued at $1.9 billion last year has laid off 200 workers, former manager says

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Though MX was having financial challenges, a former manager said he disagrees that the downsizing was necessary. The manager chose to speak to The Tribune even though he said it “basically cost me $8,000 in severance.'

The headquarters of financial technology company MX in Lehi, Wednesday, Oct. 19, 2022. One of Utah's tech "unicorns," MX has laid off about 200 employees, a former manager said.from investors made MX a so-called unicorn — a private startup that becomes valued at more than $1 billion — the Lehi-based company has laid off about 200 employees, a former manager said.

To smooth the transition, MX offered multiple months of severance pay to all employees, a company spokesperson said. The spokesperson said the one-on-one calls were intended to be more empathetic than mass communication, but that making all of the calls on the same day meant not all the circumstances were ideal.

“Unfortunately, after more than 8 wonderful years, I was laid off from MX,” one former employee wrote on LinkedIn. “Looking for another exciting opportunity to work with an amazing company.”

 

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