if a company owns stock or shares and their stock goes down, who in the company is directly losing money?

Im talking to someone about Eli Lilly stock prices dropping and he is arguing that no one lost money because the stock price dropped because it is company stock. He may be right, but it kinda doesnt add up in my mind for a few reasons.

But my direct question is if a company buys stock and the stock goes up or down what person(s) make money or lose money? If a company buys stock and they lose money how is the company directly effected?