Some companies are laying people off so they can hire them back cheaper

Just a heads up to anyone who comes across this. My fortune 500 billion dollar company grossing over 60B easy per year just laid off 5-10% of the company. They told me how valuable I am, recruiter said she was standing up for me to get me rehired... New position is a demotion from senior to regular level. One level lower. 25k pay cut. I've applied to like 40 of their open positions at the level I was laid off …

billion companies datascience easy fortune 500 people per them