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They are lost. The last people who bought the stocks paid for a paper that turned out to be worthless.

The company received only the money from when the stock was originally issued, those money were lost in running the company.
The stock may have changed hands many times since then, with individual gains and losses to each investor or trader who held them for a while. The ones that hold the stock when the company goes down take the final loss.

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15y ago

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