A useful aspect to a completely unambiguous fascist gesture is that you can use it to gauge which news media you can trust to call a Nazi a Nazi, which will obfuscate things with layers of “both-sides” and which will be regurgitating propaganda.

rnz

called it salute, lots of both sides
https://www.rnz.co.nz/news/world/539564/musk-raises-eyebrows-with-salute-gesture-at-trump-rally

nzherald

called it a salute
https://www.nzherald.co.nz/world/donald-trump-inauguration-elon-musk-performs-nazi-salute-draws-outraged-reaction/VY3GO2CPFVA2FN4OF4APXRNOBM/

stuff

only reported Musk’s rebuttal
https://www.stuff.co.nz/world-news/360555618/dirty-tricks-elon-musk-dismisses-backlash-over-his-hand-gesture-trump-rally