Bernard Arnault lost a spot in the billionaire rankings after LVMH Moet Hennessy posted results that weren’t as strong as some luxury-goods rivals.

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

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.