Stock Track | Direxion TSLA Bull 2X ETF Plunges 5% as Trump Plan to End EV Tax Credit Spooks Investors

Stock Track17:04

The Direxion Daily TSLA Bull 2X Shares (TSLL), a leveraged ETF tracking Tesla stock, plunged over 5% in pre-market trading on Friday. This move comes amid reports that the incoming Trump administration plans to eliminate the $7,500 tax credit for electric vehicle (EV) purchases.

While Tesla representatives, including CEO Elon Musk, have expressed support for ending the EV tax credit, believing it could give the company a competitive advantage over rivals more reliant on the credit, the move has spooked investors in the high-risk TSLL ETF.

Analysts warn that the removal of the tax credit could reduce consumer demand for Tesla vehicles in the short term, before any potential negative impact on competitors becomes apparent. There are also concerns that the Trump administration may challenge California's authority to set its own zero-emission vehicle (ZEV) credit program, which has been a significant source of revenue for Tesla.

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