Mohammed Ben Sulayem, president of the Automobile and Touring Club of the UAE, met with FIA President Jean Todt to review motorsport development here, it was announced on Wednesday.
In a press release, officials detailed the outlines of the meeting at FIA headquarters in Geneva, where the two came together to mark 50 years for ATC UAE and the tenth anniversary of Ben Sulayem’s leadership of the organisation.
The two discussed motorsport issues in the UAE, ranging from safety, motorsport’s continued popularity in the Emirates on multiple fronts and the planned launch of the ATCUAE E-Academy. The E-Academy is expected to be the first digital learning programme for officials, parents and competitors. The press release stated a central part of that programme is concussion awareness.
“Concussion is a big issue for all sports, and motorsport needs to play a leading role,” Ben Sulayem said in the release.
Todt was hailed by his Emirati counterpart Ben Sulayem for his 50 years in motorsport competition and administation, as well:
“Jean has enjoyed fifty remarkable years in the sport, as a world champion co-driver, as a successful team manager in Formula One and rallying, as FIA president and of late as a pioneer for road safety,” Ben Sulayem said.
UAE motoring chief Ben Sulayem is set to herald the 26th edition of a race he launched in 1991, the Abu Dhabi Desert Challenge, next month. One of the UAE’s signature annual motorsport events, the race is the second round of this season’s FIA World Cup for Cross Country Rallies.
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How Tesla’s price correction has hit fund managers
Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.
It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.
The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.
Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.
Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.
He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.
AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”
A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.
Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.
Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.
Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.
By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.
Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.
In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”
Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.
She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.
Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.
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