1. Inherited rich kids like Elon often have a strong feeling that they are better then the rest of humanity.
2. But it turns out if you are a leech on society like that sooner or later people stop accepting that (remember: he pays less in taxes and gains more in government subsides than most people)
3. So in order for people not to turn against you sooner or later you need to keep them split into subsections that are in conflict with each other. The more split they are, the more wealth you can extract.
That is the age old strategy of divide and conquer and if you ever wondered why your political system seemed to be split down the middle 50:50, that is your answer: people with money profit from it being so.
Trying to silence LGBTQ+ etc people goes directly against the goal you posit.
This particular clause seens very unlikely. One could want an increase in racism and homophobia on a platform without specifically wanting there to be less black people (for example) speaking out. That the -isms cause said people to speak up less would likely be a (pleasant?) side effect rather than the primary goal.