World’s Richest People Lose $70 Billion as Musk Falters

The world’s 400 richest people lost $70.2 billion from their collective net worth this week amid a global selloff that sent the Standard & Poor’s 500 Index to its biggest weekly drop in two years.

Hedge fund billionaires suffered some of the biggest losses. John Paulson, founder of New York-based Paulson & Co., dropped $1.5 billion after his funds declined as much as 11 percent last month. The 58-year-old controls more than 50 percent of the company’s assets under management, according to data compiled by Bloomberg.