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.

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.

LVMH acquired Tiffany about four years ago for US$16 billion. The LVMH chairman said Tiffany has laid off some employees because they haven’t been willing to meet higher sales targets.

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

Bernard Arnault said a wind of optimism is blowing through the US after Donald Trump’s inauguration as president, in contrast to his native France, where the government is seeking to raise corporate taxes and unemployment is increasing.