diff --git a/llvm/lib/Transforms/Utils/BasicBlockUtils.cpp b/llvm/lib/Transforms/Utils/BasicBlockUtils.cpp
--- a/llvm/lib/Transforms/Utils/BasicBlockUtils.cpp
+++ b/llvm/lib/Transforms/Utils/BasicBlockUtils.cpp
@@ -1158,11 +1158,16 @@
   }
 
   if (OldLatch) {
-    BasicBlock *NewLatch = L->getLoopLatch();
-    if (NewLatch != OldLatch) {
-      MDNode *MD = OldLatch->getTerminator()->getMetadata("llvm.loop");
-      NewLatch->getTerminator()->setMetadata("llvm.loop", MD);
-      OldLatch->getTerminator()->setMetadata("llvm.loop", nullptr);
+    Loop *IL = LI->getLoopFor(OldLatch);
+    // It's still possible that OldLatch is the latch of another inner loop, in
+    // which case we do not move the metadata.
+    if (IL && IL->getLoopLatch() != OldLatch) {
+      BasicBlock *NewLatch = L->getLoopLatch();
+      if (NewLatch != OldLatch) {
+        MDNode *MD = OldLatch->getTerminator()->getMetadata("llvm.loop");
+        NewLatch->getTerminator()->setMetadata("llvm.loop", MD);
+        OldLatch->getTerminator()->setMetadata("llvm.loop", nullptr);
+      }
     }
   }
 
diff --git a/llvm/test/Transforms/LoopSimplify/update_latch_md2.ll b/llvm/test/Transforms/LoopSimplify/update_latch_md2.ll
--- a/llvm/test/Transforms/LoopSimplify/update_latch_md2.ll
+++ b/llvm/test/Transforms/LoopSimplify/update_latch_md2.ll
@@ -1,13 +1,11 @@
 ; Tests loop-simplify does not move the loop metadata, because
 ; the loopexit block is not the latch of the loop _bb6.
 
-; FIXME(#55416): The metadata should not move.
-
 ; RUN: opt < %s -passes=loop-simplify -S | FileCheck %s
 ; CHECK-LABEL: loop.header.loopexit:
-; CHECK: br label %loop.header, !llvm.loop !0
+; CHECK-NOT: br label %loop.header, !llvm.loop !0
 ; CHECK-LABEL: loop.latch:
-; CHECK-NOT: br i1 %p, label %loop.latch, label %loop.header.loopexit, !llvm.loop !0
+; CHECK: br i1 %p, label %loop.latch, label %loop.header.loopexit, !llvm.loop !0
 
 define void @func(i1 %p) {
 bb1: