Transmission popped from 4hi to 2wd and now traction control light turns on after 50mph and loses po

I went from 4hi to 2wd and I began to drive when the transmission popped. The 4hi light had turned off. As I drove the traction control light started flashing after 50mph and lost power. I would put it to neutral and then drive and it would get power back on. But I would hit 50 and it would lose power even if o pressed on the gas

 

First off welcome from Alaska.
Sounds like it is in limp mode for some reason.
I've had my tundra do something similar, with the 4lo light and trac control flashing. Mine was easy fix, I had blow a abs fuse from towing a sh!ty trailer with f'd up wiring, replaced with a good fuse and fixed mine.
Hope yours is easy fix also!
I'm new here so I'm not sure where to send you on the site but there are a lot of great people here and someone will chime in and direct you in the right direction.
Welcome and Good luck

 

You are in limp mode. Have a code computer hooked up and see what the fault is.

 

My '00 Tundra made a loud clunk once from the front diff. Not sure if it's the same set up but what happened was a part that slid inside it was spring loaded. It's designed so the motor could move and if the gears didn't line up perfectly it would put pressure to force them so once things moved enough so the could slide together they would. What happened is it only slid partially together because 4wd was needed. This put too much pressure on the edge of one tooth and broke it. The broken tooth then wouldn't let the gear to slide back. The chip finally was pushed out of the way and it released. Then it wouldn't engage. I took it apart, removed the chip, and put it back together until I could replace it (which I never got around to doing).

I drove it another 100k that way. I just changed my driving. Before I would use 4wd just like the old Toyota trucks. When I needed it I would pull the lever. No motors or actuators involved. Now I put it in 4wd when stopped or when I know the rear tires aren't slipping.