Direxion Daily TSLA Bull 2X Shares (TSLL) surged 5.04% in pre-market trading on Tuesday, as investors reacted positively to recent developments related to Tesla and its CEO Elon Musk. The leveraged ETF, which aims to deliver twice the daily performance of Tesla stock, is benefiting from multiple factors boosting sentiment around the electric vehicle maker.

The primary catalyst for the surge appears to be Elon Musk's confirmation that X Money, a payment and banking app associated with his social media platform X (formerly Twitter), has entered the testing phase. This move signals progress in Musk's vision to create an "everything app" and could potentially open new revenue streams for his companies, including Tesla. The integration of financial services into X aligns with Musk's long-term strategy and has excited investors about potential synergies with Tesla's ecosystem.

Additionally, it was revealed that Viking Global Investors, led by billionaire Ole Andreas Halvorsen, purchased 350,084 shares of Tesla stock during the first quarter of 2025. This vote of confidence from a prominent hedge fund manager has likely contributed to the positive sentiment surrounding Tesla. However, it's worth noting that Tesla faces challenges in some markets, with reports indicating that its sales in the European EV market halved last month amidst growing competition.