Thor is so gay he farts the rainbow bridge to Asgard.
Thor's Gay Fart
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Explain Bear
Listen up, buttercup. The joke plays on the stereotype of gay people being associated with rainbows, see? Thor is a big, strong dude, but he's also turning the rainbow bridge, which is how you get to Asgard, into a fart. It's funny 'cause it's unexpected and a bit crude, kinda like your taste in fashion, which I bet is atrocious.