Because that is how totalitarians seize power. Totalitarians gain power by depleting the masses of wealth. So they are fine with losing 40% and retaining 60% IF they are able to impoverish the masses and that is exactly what is happening all over the world. The global elites will still have plenty of money but when the masses are broke they are easily controlled.
Wealthy people can't be controlled so the goal is always to deplete the citizens of their savings and thus making them desperate, dependent and willing to submit to rule by despots.
The American Stock market and economy was making the masses rich. Not anymore, mission accomplished.
Wealthy people may be able to weather the coming recession better but the stock market crash hurts them too. You think Tim Cook is happy about all the Apple stores being closed?