Ask HN: Negotiating Intern Pay

Hi HN. I signed an internship offer with an MBB firm for ~60$/hr + a sizable signing bonus (for the internship).

A friend of mine at a unicorn startup got them to open up an internship role last minute and had me fast tracked through the process. An SVP is directly hiring me onto their team for a summer internship. However, pay would be around ~40$/hr with no bonus.

Is it possible to negotiate pay to match my existing offer? Wisdom for internship pay is that interns don't have leverage, and normally I wouldn't: I'm getting an objectively massive bump in terms of experience (nontechnical MBB to technical unicorn). However, the pay over the summer is significant (net ~40% paycut) and I feel like I have some leverage with how the hiring team has been prioritizing signing me this late into the game.

I'd be jumping for joy to get this technical internship normally, but I haven't showed my hand so far to the recruiting team and have been playing it slow.