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,

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

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.

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

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Bernard Arnault, whose perch at the head of luxury goods conglomerate LVMH has made him the world’s richest non-American, just dropped an absurd new term for layoffs in the tech industry. While discussing layoffs at subsidiary Tiffany & Co.

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

US stocks staged a recovery rally on Tuesday, hot on the heels of Monday’s sell off. Nvidia jumped by 8%, after dropping nearly 17% on Monday. This suggests that the bargain hunters are in town, although the failure to see a complete reversal of Monday’s losses could suggest a permanent loss of value for Nvidia.