Musk might be like a lot of former liberals who see what liberalism leads to ultimately, and has a big awakening.
Leads to fascism do you mean? Book burning, rules about what can and cannot be discussed and the thought police rummaging through your lifetime twitter history?
That must bring up the question of whether or not it was really liberalism in the first place. Which is why I dug out this thread, where it's proposed that the political left/right spectrum is orthogonal to a liberal/authoritarian axis.
For me, I see the initial distinction between left and right as the left saying "Society should have a shared responsibility for itself", whereas the right would say "Individuals have personal responsibility to look after themselves". And then the various policies - taxation, immigration, social support/healthcare and so on all flow that that initial alignment.
The liberal will say "People should be able to do whatever they want" and a left view would say "well yes, as long as you're not hurting anyone else". And that's where the authoritarianism comes in, because someone's feelings might get hurt if you say X, so "you can't say that anymore".
So no, I think liberals remain liberals. It's the confusion of a left wing ideology with liberalism that's muddying the waters, and removes a label from the right wing liberals who are saying "I have responsibility for myself, and I should be able to do whatever I want" - which is what we see in all the pushback against mask mandates and social policy. And since that seems to be quite a large group of people, I think they might want to reclaim the title of "liberal" for themselves and stop suggesting the extreme left is liberal, when it fact it's racing off at 90 degrees in another dimension entirely.