Bernard Arnault said he spoke with Mark Zuckerberg about Meta layoffs, which the LVMH boss described as workers being "promoted outwards."

Arnault, the billionaire CEO of the luxury conglomerate, had criticized proposed French tax hikes earlier this week.

Following Meta’s layoffs earlier this month, Arnault, the head of the luxury goods conglomerate that controls brands like Louis Vuitton, Fendi, and Sephora, likened Meta CEO Mark Zuckerberg’s move to let go of low-performing workers to layoffs at Tiffany’s.

Bernard Arnault, in an LVMH earnings call, used a bizarre new term for tech layoffs when referencing a conversation with Meta's Mark Zuckerberg.

LVMH CEO Bernard Arnault compared layoffs at Tiffany & Co. to job cuts at Meta, drawing a parallel between the two companies. Arnault revealed that he had discussed Meta’s decision to let go of low-performing employees with Mark Zuckerberg last week,

Arnault announced that world-famous jewelers Tiffany & Co will be laying off or “promoting outwards” underperforming workers.

“The golden age of America begins right now,” Trump proclaimed. For his billionaire backers, it has already begun.

The business world has a history of coming up with polite terms to couch unpleasantness. In the past, when it comes to job cuts, CEOs have “let go,” “made redundant,” and “rightsized” staff, among other attempts to avoid saying “laid off” or “fired.

A who's who of tech titans, business magnates, and global elites attended President Donald Trump’s 2025 inauguration, including Musk, Bezos, and Zuckerberg.

Elon Musk, Mark Zuckerberg and Jensen Huang are among those expected to hit trillionaire status, with Oxfam suggesting that there will be five within the next 10 years. Within the next ten years five people will hold the title of trillionaire—with a 13-figure fortune to their name—according to a new study from Oxfam.

"It's clear that we are being strongly pushed by the American authorities to continue to build out our presence," Bernard Arnault told reporters.

Luxury giant LVMH is "seriously considering" bulking up its production capacities in the United States, CEO Bernard Arnault said on Tuesday, praising a "wind of optimism" in the country that contrasted with the "cold shower" of potentially higher corporate taxes in France.