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

Things go up and things go down if you buy a stock at 20 and it goes down to 10 you still own the stock it’s just not worth as much, if you buy a house for $400,000 and the value goes up you gain value, if it goes down you lose value. Really what’s happening is the financial markets do fine and The working class average Joe gets screwed.