Or Netflix, for that matter. They haven't run a profit since switching to streaming, though their stock price has shot through the roof.
One thing to keep in mind is that only about 50% of all Americans own stock, and 80% of all stock is owned by just the top 10% of people, and about 40% of all stock is owned by just the top 1%.
So when we talk about the stock market or investing "creating wealth", what we're really talking about is how that wealth is really being created and hoarded by a small group of people.
So when so much wealth is concentrated at the top, not being spent in the economy, it falls on everyone else below them to subsidize that wealth hoarding by spending more in the consumer economy by going into debt. We saw this most clearly during the 00's. Wages didn't grow, even though after-tax income did slightly for most people...but that was eaten up by inflation and debt. It's why the personal savings rate plummeted and the household debt rate increased. People were using credit to bridge the gap between what they have to spend, and what they need to spend.
I always like to say that if you give a poor person $1,000, they are going to spend every penny of that money in the economy...but if you give a rich person $50,000, they probably won't spend any more in the economy than the poor person will spend, and will almost assuredly put that money into savings or offshore, where it does no good.
The misconception is that savings translates to investment or loans, but that's not been the case the last decade. The wealthy have also insulated their savings, so when you get a loan from a bank, that bank ain't using the rich person's savings to lend to you.
I would actually prefer if we replaced the Income Tax with a Carbon Tax. We shouldn't be taxing income, we should be taxing waste.