Key Takeaways
- Errol Musk plans to raise up to $200 million through a memecoin called ‘Musk It’ for funding a think tank.
- Elon Musk is not involved in or endorsing the ‘Musk It’ project initiated by his father.
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Errol Musk, father of tech mogul Elon Musk, plans to raise between $150 million and $200 million through a meme coin called “Musk It” to fund a new for-profit think tank, the “Musk Institute,” Fortune reported Thursday.
The institute is focused on engineering projects, including, as Errol suggests, advancements beyond rocket technology. The elder Musk and his business partner Nathan Browne have collaborated with a Middle Eastern-based crypto company that launched the token in December.
“I’m the head of the family,” Errol told Fortune. “It really started with me in our family—I’ve been ‘Musking It’ for years.”
Elon Musk did not endorse or participate in the project. According to Errol, his son inquired about the project after seeing media reports, but Errol assured him he was pursuing the plan independently.
The “Musk It” token (MUSKIT) has seen its market capitalization double to around $23 million following Fortune’s report, according to CoinMarketCap data. The token’s value soared almost 1,500% on Thursday evening, climbing from $0.014 to $0.2 before falling back to $0.02.
Memecoins, known for their volatility and often tied to internet jokes or personalities, are a risky investment. The lack of detailed information about “Musk It” has raised concerns. Its claimed official website offers virtually no details about the project, and information about its tokenomics is almost non-existent.
Neither Errol nor Browne have provided clear answers about the token’s structure or its intended use beyond funding the think tank. Browne indicated that one of their conditions for joining the project was that “this cannot be a pump and dump.”
The senior Musk also dismissed concerns about using the family name for a crypto project that investors might associate with his famous son. “Anybody that follows after [Elon] is not allowed to be successful because Elon is successful?” he said.
“If anyone is relying on Elon to endorse or contribute, then I think they’re missing the point,” Browne added.
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