For Elon Musk, the past week has felt like a major earthquake in his wealth landscape.

The two publicly traded companies under his leadership both suffered terrible performance this week. Tesla Motors (TSLA) stock fell nearly 20% for the week, closing at $313.03 per share, marking its worst single-week decline since 2022. Meanwhile, shares of the other company closed at $115.07, the lowest level since its initial public offering last month.

According to data from the Bloomberg Billionaires Index, Musk's personal fortune evaporated by roughly $130 billion (approximately 880 billion yuan) in just five trading days. This comes just weeks after he became the first person in human history to have a net worth exceeding $1 trillion.

Today, Musk joked on social media, calling himself an "ex-trillionaire."

Double blow from Tesla and the other company's stock prices

The plunge in Tesla stock was triggered by the company's second-quarter earnings report released Wednesday evening, which fell short of expectations. Due to a surge in capital expenditure on future projects like robotaxis, humanoid robots, and large chip factories, the company's cash flow turned negative for the first time in two years.

In fact, Tesla stock has dropped nearly 30% year-to-date, making it the worst performer among big tech giants.

Meanwhile, shares of the other company, after experiencing a surge following its IPO, have been declining steadily over the past month. The stock has fallen in four of the last five weeks, and is now down roughly 43% from its closing high.

Daniela Hathorn, a senior market analyst at Capital.com, stated that the decline in the other company's stock is a combination of "profit-taking, a re-evaluation of valuations, and the unwinding of previously overly optimistic positions."

A new tradable strategy: 'De-Musk' is emerging

More noteworthy than the falling stock prices and the huge loss of personal wealth is a new trend quietly forming on Wall Street—the market is turning "removing Musk" into a tradable strategy.

As Gary Black of the investment advisory firm Future Fund pointed out, investors are increasingly tired of "hype without follow-through." He believes the issue isn't a lack of ambitious ideas from Musk, but that investors increasingly want to see these ideas translate into measurable business results.

Following its IPO, the other company was added to the Nasdaq index at the fastest pace in history. Critics argue that millions of index-tracking investors were forced to allocate some of the highest-valued stocks in the market before the price discovery mechanism had fully functioned.

Against this backdrop, Wall Street alternative ETF issuer Subversive ETFs has filed an application with US regulators to launch two innovative products, tentatively coded "QQNE" and "SPNE." These products will track the Nasdaq 100 Index and the S&P 500 Index, respectively, but will systematically exclude all enterprises founded, controlled, or led by Musk. Market observers suggest the direct catalyst for this product was the rapid inclusion of the other company into the index, formalizing "not wanting to invest in Musk" as a tradable strategy.

In its prospectus, Subversive ETFs stated that these products are designed for investors who believe Musk-related enterprises carry "potential corporate governance concerns, political risks, and high stock price volatility." Currently, QQNE will exclude Tesla and the other company from the Nasdaq 100, while SPNE will exclude Tesla from the S&P 500. In the future, if unlisted companies led by Musk, such as xAI, Neuralink, or The Boring Company, go public, the issuer may also include them in the exclusion list at its discretion.

This "exclude Musk" ETF symbolically demonstrates the recent evolution of the ETF market: it is no longer just about simply tracking the market, but about further reflecting investors' personal preferences and values. According to data from Bloomberg Intelligence, a total of 214 new ETFs were launched in the US market in June alone, setting an all-time record. Market observers believe that an era has arrived where almost any idea an investor can imagine can be turned into an ETF product.