How the hell are people saying their 401k are almost entirely wiped out after this dip? What are these people invested in?

I’ve been seeing so much fear across the board and people acting like their 401ks are completely gone after the last week. What are these people talking about? My 401k is down sure, but wiped out completely? Not even close.

Then I see people saying they should’ve taken all the money out and people asking if they still should take the money out to keep it safe… has this latest crash just revealed that the average person has absolutely no idea what they’re talking about or is my 401k just purely bonds and I didn’t know for the last 10 years lmao.

Edit: I’m talking about younger people saying this. If you’re old/close to retirement it’s obviously a much more dire circumstance for you.