I actually think this is reasonable. The account was broadcasting his live location at any given point in time and there's a strong argument it presented a legitimate safety risk given so many people's hatred towards him. It's also hard to say he's banning free speech against himself when it feels like half of twitter is anti-Elon sentiment these days.
I'm reminded of the plotline from The Newsroom where Sloan Sabbith roasts the ACNgage developer: https://www.youtube.com/watch?v=F86ojBeLbxQ