San Francisco, CA – A recent jury finding on March 20, 2026, held Elon Musk liable for misleading investors during his acquisition of Twitter, now known as X, highlighting a stark contrast to the platform's once-optimistic future. This legal development casts a new light on venture capitalist Bilal Zuberi's 2016 assertion that "Twitter is eating the world," a vision that has dramatically evolved under new ownership.
In his 2016 Medium article, shared via a tweet, Bilal Zuberi, then a partner at Lux Capital and now Founder and Managing Partner of RedGlass.vc, lauded Twitter's burgeoning influence. He observed its transformation into a crucial tool for real-time news, communication, and content distribution, noting its pervasive presence in daily life and its adoption by influential figures like Marc Andreessen and Bill Gurley for investment insights. Zuberi's piece reflected a widespread belief in Twitter's upward trajectory and its growing importance as a societal communication medium.
The platform underwent a monumental shift in October 2022 when Elon Musk acquired Twitter for $44 billion. Musk, who rebranded the company to X in July 2023, articulated a vision of transforming it into an "everything app" akin to China's WeChat. This acquisition initiated a period of significant upheaval, marked by extensive layoffs, controversial changes to content moderation policies, and a notable exodus of advertisers.
Under Musk's leadership, X has faced numerous challenges, including a significant drop in valuation, with some estimates placing it at $19 billion by October 2023, a 55% decrease from the acquisition price. The platform has also grappled with increased scrutiny over misinformation and hate speech, leading to regulatory pressures, particularly in the European Union and Brazil. Despite these hurdles, X has pursued new monetization strategies, including subscription services and the integration of its Grok AI chatbot.
The recent jury decision finding Musk responsible for misleading investors in two tweets prior to the acquisition underscores the financial and legal complexities that have characterized X's recent history. While damages are yet to be calculated, lawyers estimate them to be around $2.5 billion. This verdict, coming nearly a decade after Zuberi's optimistic forecast, highlights the unpredictable and often turbulent path of digital communication platforms in the rapidly changing tech landscape.
