I mean, I get what people mean when they say that, but it’s ill-informed. This from a year ago:

The wealthiest 10% of Americans own 93% of stocks even with market participation at a record high

Meanwhile, the bottom 50% of Americans held just 1% of all stocks in the third quarter of 2023. -source

Usually when people refer to the shareholders, they mean the 1% who own like half of all the wealth in the world.