The expression "aggregately holding 1% or more of the total shares of the company" refers to the aggregate of the shares held by two or more shareholders.
Even the industries trillion dollar giants have not been spared, despite continuing to rake in handsome profits, alphabet Amazon, Apple and Microsoft have collectively lost two trillion dollars in market value in the past year.
They suffered the biggest two-day losses ever, according to the Bloomberg Billionaires Index, losing a combined $536 billion, the largest decline in net worth since the height of the pandemic back in 2020.
A true clean-up of America's finances would require reforms to big social programmes, especially income support for pensioners and state-provided medical insurance, which together account for nearly half of federal spending.
Instead, that title belonged to Paris, where the two biggest studios alone were distributing twice as many films in the US as all the American studios combined.
For perspective, Blackstone only owns 0.2% of all single-family homes in America, and more broadly, all institutional investors collectively own about 0.6% of single-family homes.
According to the insurance consultant Milliman, the combined 2017 and 2018 wildfire seasons wiped out about twice the profits for the previous 26 years.