Once upon a time, every morning in class, we would stand, put our hands on our hearts, and say the Pledge of Allegiance. Before it was hijacked by the German National Socialist Party in the early 1930s, with the words "and to the Republic," the Students would throw the hand that was over their hearts out to the flag hanging in the class palm up to salute the flag. I'll take "He who must not be named," throwing his heart out and showing off his children to somebody else, showing off his trophy wife.
A lovely story
If that's something Elon was doing, he should say so
All the contextual data we have about him in the rest of his life and dealings, however, would indicate some very fascist and/or Nazi leaning tendencies and make his Nazi salutes pretty unsurprising actually (while still being abhorrent of course)
It's a little odd to me how much energy some are spending to come up with "some other reason he was doing something that looks just like the Nazi salute"