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Self-professed Nazis are probably the best judges of Nazi symbols, and they approved it. https://en.wikipedia.org/wiki/Elon_Musk_salute_controversy#F... The only other place it could have come from is a "Roman salute" which was used by other fascists who killed hundreds of thousands; is that any more defensible than Nazi?
I'll grant you he is probably not a Nazi in any organized way. And he probably meant it more as a troll than an earnest profession. But if he talks like a Nazi, salutes like a Nazi, donates to the party cheering on concentration camps for minorities and crying about fake Nazi-esque "white genocides"... maybe he's just a Nazi in denial that he's a Nazi.