Note: No one pocketed that $1.1 trillion today. There is no law of the preservation of wealth.

[Zynx]

Money does not conform to the conservation of mass and energy laws we have in physics. Allow me to explain:

1. First and foremost, there are not equal numbers of people long and short at any one time. Not even close. As such declines in shares do not simply offset between those who are long and those who are short.
2. Stock prices reflect the most recent prices at which those stocks have been bought or sold. A stock declining 10% does not require anywhere near 10% of its shares to be trading to suffer that decline. Here's an example:

Zynx Corporation has 10,000,000 shares outstanding at $100 a share, or a $1,000,000,000 in total market value. On Tuesday, 5,000 shares traded at $90 a share, forcing shares to decline $10 a share. $100,000,000 in value was destroyed with only $450,000 in shares actually traded.

Now that is an extreme situation, but the example holds in the market in general. So no, no one looted that $1.1 trillion in lost market value. The vast bulk of that is gone, at least for the moment.