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

I offer you $100 for your bike. It’s worth therefore $100. Oops, now I offer you $50, so now it’s worth $50. I just wiped away $50 of your net bicycle stick value.