You're ignoring the fact that he's repeatedly attacked advertisers by name for leaving, for example for "hating free speech" or being "too left-wing", and that conservative influencers have in the past rallied these efforts by calling for boycotts.
You're focusing on whether his attacks would be morally legitimate, which is besides the point (that hasn't stopped Musk in the past). His base would find it convincing, because many on the right refuse to admit that it was antisemitic.