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

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.

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.

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

Bernard Arnault is outpacing Elon Musk and Mark Zuckerberg in wealth gain this year after signs of a rebound in luxury demand boosted LVMH stock.

The core fashion and leather goods business—which houses Louis Vuitton and Dior—recorded revenue of €11.14 billion for the quarter, surpassing analysts’ forecasts of €10.915 billion.

The core fashion and leather goods business—which houses Louis Vuitton and Dior—recorded revenue of €11.14 billion for the quarter, surpassing analysts’ forecasts of €10.915 billion.

The core fashion and leather goods business—which houses Louis Vuitton and Dior—recorded revenue of €11.14 billion for the quarter, surpassing analysts’ forecasts of €10.915 billion.

For his latest Vuitton collection, Pharrell Williams tapped his best bud Nigo to be co-creative director. And Bernard Arnault made it back from the Trump inauguration to see it.

With the economic outlook in France looking grim, Arnault said LVMH, which owns Louis Vuitton, Dior, Fendi and Moët & Chandon, is "seriously" considering opening more factories in the United States. Such a move would help the company to avoid the tariffs Trump has promised to enact on foreign goods sold in the United States.

In 2025, the Formula 1 season will go lights out at the Louis Vuitton Australian Grand Prix, with the iconic label named as the title partner for the year’s first race.

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