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The economy will shift to serve a smaller number of people.
The people who lose their income will fall into poverty, existing on charity, begging, or scrounging, or they will die. (They will nearly all die sooner than they would have if they had maintained their income)
The CEOS and shareholders might understand this, but none of them can solve it alone, and trying to do so puts them at a disadvantage vrs their competitors.
The productive capacity will go toward ever more elaborate and esoteric projects, like Bezos wedding, or sending Musk to Mars, or building the biggest superyact, again.
And the majority will suffer.
I suspect you left out a step: many will start going after people who DO have money before just dying.
They will, and I suspect some will succeed because the billionaires do not realize the danger of the truly desperate, and even if they do, they will cheap out on security.
Who, by then, will be surrounded by ai-powered armed drones and robots.