Elon Musk's Father Launches 'Musk It' Meme Coin To Fund New Think Tank

Errol Musk, father of billionaire entrepreneur Elon Musk, has ventured into the cryptocurrency space by endorsing ‘Musk It,' a meme coin aimed at raising $150 to $200 million.

What Happened: Partnering with business associate Nathan Browne, Errol claims the proceeds will fund the Musk Institute, a for-profit think tank focused on engineering and technological advancements, including flying vehicles.

Unlike other recent celebrity-backed meme coins, ‘Musk It' was originally launched in December by a Middle Eastern crypto firm with little recognition, according to Fortune.

Errol and Browne later decided to lend their names to the project, hoping to capitalize on its potential.

Despite their claims of innovation, key details about the coin's financial structure and purpose remain unclear.

Meme coins are notoriously volatile, with many investors facing losses from speculative trading.

While Errol remains confident in his venture, critics argue that Musk It's success is tied to the public's assumption that Elon Musk is involved—something the billionaire has not confirmed.

Also Read: Experts Say DeepSeek Proves High-Performance AI Possible Without Silicon Valley’s Spending

Why It Matters: The relationship between Errol and Elon has been publicly strained, as documented in Walter Isaacson's biography of the Tesla CEO.

Elon has spoken openly about his father's controversial past, including allegations of abuse, which Errol denies.

Despite their reported estrangement, Errol insists their relationship is not as broken as widely believed and claims Elon recently inquired about Musk It.

With no clear roadmap for the Musk Institute and questions surrounding the coin's legitimacy, skeptics wonder whether this is a genuine effort at innovation or another attempt to cash in on the Musk name.

Read Next:

• Helix Debuts AI Index Perpetual Market, Bridging Crypto And Traditional Equities On-Chain

Image: Shutterstock