vti is free float adjusted, so not as susceptible. But:

Elon will naturally do everything in his power to pump his stock, as every CEO does, and VTI buys shares in proportion to how successful that is. That is the nature of passive, market cap weighted investing.

If you want to underweight Elon's companies, or, generally, weight companies based on something besides market cap, you have to get into active or factor investing.

It mostly doesn't matter though, because if and when one stock drops, those investible dollars will likely flow into another stock, so VTI doesn't really care.