So that's level 3 value right? It's not money (level 1) or even chips (level 2). So I'd say it's inaccurate to say you lost money. More accurate to say you los

So that's level 3 value right? It's not money (level 1) or even chips (level 2). So I'd say it's inaccurate to say you lost money. More accurate to say you lost value. When the shares were issued (out of thin air) they had speculative value - they are promises for future dividends (presumably level 2) based on future profits. The stock market acts as a level 2/level 3 swap place, and hence let's you calculate the "current level 2 price" of your level 3 paper. So yes, the value simply got lost. But balance that with the way it simply got created in the first place. And bear in mind that _all_ shares go to 0 in the long run. Ultimately the future arrives and that future value speculation is fully realised.