It didn't lose $7.4T, that was a change in valuation. The article cites a change in interest rates as a major cause. First, think. A change in valuation is not

It didn't lose $7.4T, that was a change in valuation. The article cites a change in interest rates as a major cause. First, think. A change in valuation is not a 'loss' like dropping your wallet: Increasing rates discount imagined future more heavily. But that doesn't stop what was one 2024 dollar still being one 2024 dollar in 2024, just the present valuation of it. Increasing rates mean higher returns on savings another way to say higher returns on capital i.e. not the dismal returns on capital of the past liquidity soaked decade+. If you're changing the discount factor for investment, change the discount rate for future liabilities too! The future just got 'cheaper'.