ELI5 Market dip, where does the money go?

I’ve been trying to wrap my head around this. Maybe I’m over thinking it but when the market has a big dip like this, where does all the money go?

Why is the dip seemingly so coordinated across the market? Is it algorithms and hi-frequency trading that tank the market collectively to fleece traders? Do banks and hedge funds rake in profits during these down turns?

I have a rough understanding of the stock market but clearly not enough to see the bigger picture here.