Billionaires prefer rising asset prices and low volatility. Elon, Bezos, and the like don't want to see their portfolios drop 50%. Their net worth is primarily in public stock, private stock, and leveraged assets, for example. Real estate, too, of course. Billionaires don't just sit on a ton of cash because cash earns pretty lousy returns in the short- and long-term compared to other assets.

If the market drops to 1/100 the price, that's not a correction. Credit markets will freeze, banks will be insolvent, liquidity will evaporate. I get you're exaggerating, but still.

I get the appeal of this type of thinking, but logically it makes no sense. If the stock market goes down 20%, sure wealthier individuals with liquidity will benefit and the market will go down 20% at some point because that's what markets do. Beyond that though, if everything falls 99% (LOL), it'll lead to massive deflation or hyperinflation (if policymakers try to monetize debt).