Who owns all the stocks?

This statistic continues to amaze me, and explains why many stock price moves are such a sudden selloff. 

The wealthiest 10% of American households now own 89% of all U.S. stocks

The top 1% gained more than $6.5 trillion in corporate equities and mutual fund wealth during the Covid-19 pandemic

https://www.cnbc.com/2021/10/18/the-wealthiest-10percent-of-americans-own-a-record-89percent-of-all-us-stocks.html