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.

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. ■

The LVMH Moët Hennessy Louis Vuitton titan had prime seating near former Presidents Bill Clinton, George Bush and Barack Obama.

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 ...

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

France's largest conglomerate LVMH is turning its eyes the the United States in order to avoid higher taxation in Europe. Billionaire CEO Bernard Arnault is also hoping to leverage his friendship with President Donald Trump in order to garner favorable treatment.

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.

The CEO of Tesla & SpaceX, he holds degrees in physics and economics. He briefly attended the University of Pretoria, before transferring to Queen’s University (Canada), and later to the University of Pennsylvania.