If we accept any other explanation for what Elon was doing there, then we also need to accept that he somehow cannot see how this would be seen as a pure fascist signal. We also then need to ignore his public opinions, "true"/"concerning" comments on what remains of Twitter, and his recent / very public donations and commentary on world politics centering on "Nazi-adjacent" communities to accept the former.
That's a lot going on for the CEO of (3) companies (last I checked) with gov't contracts and investor/founder of several other adjacent and frequently intertwined related orgs.
Oh, and he's apparently one of the best Diablo IV players globally.