Meaning of “wipe sth out” in the English Dictionary

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"wipe sth out" in Business English

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wipe sth out

phrasal verb with wipe uk /waɪp/ us verb [ T ] IT

if an increase in the value, level, etc. of something is wiped out, the value, level, etc. goes down to the point where the increase started:

Investors saw their recent gains wiped out by a sudden collapse in the share price.
The advertising group yesterday launched its share issue to wipe out its debts.

to completely destroy something:

The attacks wiped out huge portions of the population.

(Definition of “wipe sth out” from the Cambridge Business English Dictionary © Cambridge University Press)