Losing your livelihood is now doubleplusgood! Bernard Arnault, CEO of LVMH and the world’s fifth richest man, has coined a new phrase for those who are being laid off — “being promoted outwards, so to speak.

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

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.

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

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