Not necessarily. One only loses money when they realize a loss by actually selling shares at a price less than what they paid for the shares.
So even though the current price may be a lot less than what they paid for them, if they haven't sold those shares yet they haven't lost a dime.
If they're still holding there's still a chance of selling at a profit in the future. "Realized" gains and losses are all that matters. "Unrealized" gains and losses have no effect on one's bank account.