Mistiming is equivalent to being wrong. And Musk is good at keeping valuations high! So who knows when it will tank.

Figure out how much of your fund it is and take a short position to hedge it

I have been thinking the same thing. I don’t want this turd in my index funds.

short it?

Choose another index where it is not included?

It’s so big that it’s going to swing the markets when insiders start to liquidate after it is listed and on some indexes.

That alone will probably do little, due to contagion effects. Simply finding an index which excludes it might not be enough if it still shares other similar underlying stocks with indexes that do include it.