Elon Musk’s Father Errol Musk Endorses ‘Musk It’ Memecoin To Fund New Think Tank ‘Musk Institute’

Errol Musk, father of billionaire entrepreneur Elon Musk, has publicly endorsed a cryptocurrency project called “Musk It,” with hopes of raising between $150 million and $200 million. 

The proceeds, he claims, will be used to fund his new for-profit think tank, the Musk Institute. Partnering with tech consultant Nathan Browne, Musk aims to establish the institute as a hub for engineering research.

Details on the Project

Despite the ambitious fundraising goal, details about the memecoin and the think tank remain vague. The project has no clear “tokenomics,” leaving investors with little information on how funds will be managed. 

The Musk It token, initially launched in December by a Middle Eastern-based crypto company, saw little attention until Errol Musk’s recent endorsement. It is trading at $0.02596 and is up by 130% in the last 24 hours. 

A Controversial Memecoin Move

Memecoins, known for their speculative nature and lack of intrinsic value, often see rapid price swings that can leave investors with heavy losses.

Despite this, Errol Musk appears unconcerned about attaching his name to the cryptocurrency. Speaking to Fortune, he emphasized his belief that the Musk brand originates with him.

“I’m the head of the family,” he said. “It really started with me in our family—I’ve been ‘Musking It’ for years.”

While Errol Musk and Browne were not involved in the coin’s creation, they approved its branding and later decided to partner with its developers. However, they have yet to provide a structured plan for how the funds will be used or how the Musk Institute will operate.

A Strained Father-Son Relationship

The project raises questions about its potential impact on Errol Musk’s already strained relationship with his famous son. Elon Musk has previously distanced himself from his father, and biographer Walter Isaacson described Errol as someone “possessed by fantasies and conspiracies” during Elon’s childhood. 

Errol Musk has denied these claims, calling Isaacson’s portrayal “absolute rubbish.” He insists that he remains in contact with both Elon and his other son, Kimbal, but emphasized that neither is involved in the Musk It project.

Errol Musk’s use of the “Musk” name in the crypto space may cause further friction. Given Elon Musk’s previous skepticism toward many cryptocurrency projects, including his public criticism of scam tokens using his name or likeness, it is unclear how he views his father’s latest endeavour.

Also Read: Elon Musk Rejects Roger Ver’s Pardon Request, Cites Ver’s Giving Up U.S. Citizenship As The Reason

Lack of Transparency Raises Red Flags

Despite its ambitious fundraising goal, Musk It lacks the transparency typically expected in cryptocurrency projects. 

Unlike well-structured tokens that release whitepapers and detailed token distribution plans, Musk It has not provided any documentation explaining its financial model.

According to CoinMarketCap, the token currently has a market cap of approximately $25 million, though the platform notes that this figure is self-reported and unverified. Without more details, potential investors face uncertainty about how the project will function.

The Musk Institute’s Unclear Future

Errol Musk claims the idea for the Musk Institute came to him during a visit to the United Arab Emirates, where he met with prominent figures across various emirates. 

He envisions the think tank as a centre for engineering research, but so far, he and Browne have not offered a concrete launch timeline.

As the crypto market remains highly volatile, the success of Musk It remains uncertain. Without a clear roadmap or regulatory oversight, the project risks becoming another failed memecoin. Investors will need to weigh the risks carefully before jumping into a token tied more to a name than to a clear vision.

Also Read: Elon Musk Affirms D.O.G.E Department Saves $1B In DEI Cuts After Terminating 85 DEI Contracts