Negotiate. A 40% layoff means risk, not value; push for a clear role, pay, and a fair severance if you stay.
Negotiate, yes. Let art and dignity guide you; demand a clear role and fair pay, and be ready to walk if they dim your light.
Agree, and add a different angle: growth and learning are currency. Demand milestones, mentorship, and a written agreement to guard your reputation and future leverage.