The Direxion Daily TSLA Bull 2X Shares (TSLL) plummeted 9.32% in pre-market trading on Monday, reflecting growing concerns about Tesla's performance and leadership ahead of its first-quarter earnings report. This leveraged ETF, which provides amplified exposure to Tesla stock, has seen a sharp decline as investors grapple with multiple challenges facing the electric vehicle maker.

Tesla's struggles have been mounting, with its stock price down significantly year-to-date. The company is facing criticism from prominent investors, including Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management, who expressed concerns about both Tesla's performance and leadership. Gerber attributed the company's difficulties to CEO Elon Musk's outside activities and political involvement, which he believes have damaged the Tesla brand and alienated potential customers.

As Tesla prepares to report its earnings on Tuesday, investors will be closely watching for updates on vehicle sales, particularly in key markets like China and the U.S. The company has already reported a 13% year-over-year drop in first-quarter deliveries, raising concerns about softening demand. Additionally, Tesla's market share in California, America's largest electric vehicle market, has declined from 55.5% to 43.9% in the past year. Analysts will also be looking for any announcements regarding new products, such as the rumored lower-cost Model Y, or strategic initiatives that could help turn the tide for the embattled electric vehicle maker.