what does it mean by $2.9 trillion wiped away due to losses in Stock market. Where did it go?

Question

Where did the money actually go? Are these small startups or individuals that have gone bankrupt that totalled this amount ?

In: Economics

Answer 1

It’s just market value of the combined stock of the companies in the market. I buy a new car for $50,000. A few years later the car is probably worth $30,000. Where did the other $20,000 go?