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

The actual money they spent went to whoever they bought the stocks from, the value of the stock just decreased like buying a new car will cost more than the amount you make selling it when it’s old.