It’s not a full on Nazi salute as the words „Heil“, „Heil Hitler“, or „Sieg Heil“ aren’t used. However, it is a full on salute in its tradition. A right wing oligarch holding a victory speech espousing conservative revolution and a glorious future are in the vein of the fascism of old.
Trumpism doesn’t need to even express itself as fully fascist. The popular support, the support of the tycoons of industry, institutional acquiescence, lack of organized resistance, means he doesn’t need to go full authoritarian.
The ideological flexibility of Trumpism is enormous. Allegiance to Trump and MAGA is pretty much it. The rest of the ideology is dynamically formed by sycophants looking for Trump‘s favor. The post ironic attitude means immunity to value based criticism.
Elon Musk is a mix of minister for propaganda and court jester at the same time.