The Direxion Daily TSLA Bull 2X Shares (TSLL), an exchange-traded fund (ETF) that seeks to deliver twice the daily performance of Tesla stock, plummeted 5.05% in Friday's trading session. This significant drop reflects growing concerns about Tesla's sales performance and the potential impact of CEO Elon Musk's high-profile exit from the Department of Government Efficiency (DOGE).

Tesla, the electric vehicle giant, has been grappling with a series of challenges that have put pressure on its stock price and, consequently, on related ETFs like TSLL. Recent reports indicate a sharp decline in Tesla's sales across multiple key markets. In the United Kingdom, new Tesla EV registrations fell 62% year-over-year in April, with similar steep declines observed in other European countries. Analyst estimates suggest Tesla might deliver as few as 350,000 cars during the second quarter, representing a year-over-year drop of more than 20%.

Adding to investor concerns, Elon Musk is set to formally step down from his role at DOGE, a move that has been anticipated since late April. While Musk's reduced involvement in political activities might help alleviate some of the brand damage Tesla has suffered, uncertainty remains about the company's future performance. The press conference scheduled between Musk and President Trump later today is expected to address this transition and its implications for both Tesla and the government's efficiency initiatives.