If a nation switched from capitalist to socialist, wouldn’t that switch cause major damage to the economy?

I've always thought socialism is a bad idea, and I'm not too well educated in the field of economics, but I saw this social media post of a guy talking about how the U.S switching to socialism could heavily impact and remove the wealthy, making an "equal playing field" for the all citizens and therefor being a very good thing for the middle and lower class citizens. However, wouldn't a country without a wealthy class be terrible for the economy? Like there would be a massive contraction, including a major reduction in overall assets and investments, which would greatly slow down the economic growth and GDP of a country (lets say the U.S specifically in this case). This was my thought process because I feel like most of the wealthy have usually created a business and put major investments into it. This also leads me to ask another question, but wouldn't entrepreneurs be HEAVILY impacted as well? I just feel like socialism is a terrible idea and anyone who thinks it does more good for a nation than bad might need some mental help, but I'm open to have my opinion changed. Again I am no expert in this field so if I made any mistakes about this by all means feel free to correct me. I'm also have zero intentions to start any debates with anyone but I'm genuinely curious and want to learn more about issues like these.