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

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

He’s someone Trump really looks up to and wants to make happy,” a source said of LVMH CEO Bernard Arnault, the wealthiest man in France.

The ceremony in the US Capitol underscored the president’s deepening ties to titans of industry and the shifting stances of those who previously scorned him.

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

WASHINGTON, DC – JANUARY 20: Guests including Mark Zuckerberg, Lauren Sanchez, Jeff Bezos, Sundar Pichai and Elon Musk attend the Inauguration of Donald J. Trump in the U.S. Capitol Rotunda on January 20, 2025 in Washington, D.C. Photo by Julia Demaree Nikhinson – Pool/Getty Images.

Mr Trump is more transactional than presidents before him, which increases the risk of cronyism and self-dealing. But America’s economy, including its technology industry, is too unwieldy and dynamic to petrify into an actual oligarchy, whatever diplomats and departing presidents say. ■

RELATED: Live coverage: Donald Trump's inauguration day Among the high-profile attendees were SpaceX and Tesla CEO ... Mukesh Ambani and LVMH CEO Bernard Arnault, making it a rare congregation ...

The world is set to witness the emergence of five trillionaires within the next decade, according to Oxfam's latest inequality

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

French luxury conglomerate LVMH saw its stock slide by more than 6% following the Tuesday evening reveal of its 2024 annual results.

SpaceX is preparing to launch a Falcon 9 rocket on Monday with Starlink internet-beaming satellites from Cape Canaveral, Florida. The four-hour launch window opens at 2:21 p.m. ET, according to ...