Ross Gerber Says X Account Hacked To Promote Tesla Scam Coin: Renowned Investor Says, 'Possible It Was An Inside Job'

Veteran investor Ross Gerber revealed on Sunday that his X account was hacked by “sophisticated” cryptocurrency scammers to promote a coin linked to automotive giant Tesla.

What Happened: Gerber, CEO of Gerber Kawasaki Wealth and Investment Management, thanked the X team, especially CEO Linda Yaccarino, for the quick resolution. Gerber told Benzinga by mail that the account recovery took 30 minutes.

“Considering it was a Tesla crypto scam coin, I was specifically targeted in this attack,” Gerber disclosed. He clarified that he doesn’t promote cryptocurrencies other than Bitcoin to his clients.

Gerber, an early investor in the Elon Musk-led giant, has significantly reduced his fund's stake in the company since November and set a six-month ultimatum for Tesla to improve its performance before potentially exiting the stock entirely.

“It's possible it was an inside job at X; not sure if they’re investigating it,” Gerber said, voicing doubts about the social media behemoth, which is also controlled by Musk.

X didn’t immediately return Benzinga’s request for comment.

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Why It Matters: Gerber’s hacking incident comes a month after a warning by himself on such possibilities.

Gerber alarmed investors about the potential for fraud in the crypto market in December, especially with coins other than Bitcoin BTC/USD. He noted that the appointment of crypto-friendly individuals in the Donald Trump administration wouldn’t necessarily protect retail investors from scams.

Gerber’s incident follows a recent case where Ivanka Trump publicly rejected a fake cryptocurrency being promoted under her name.

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