Errol Musk, the father of billionaire entrepreneur Elon Musk, has announced plans to raise up to $200 million through a memecoin called Musk It (MUSKIT). The proceeds will fund a for-profit think tank, the Musk Institute, which he claims will focus on advanced engineering projects.
Elon Musk’s father Errol looks to monetize his famous name with ‘Musk It’ memecoin. Source: XThe Musk It token was initially launched on December 12, 2024, by a Middle Eastern crypto firm, but it failed to gain community attention. The token has lost over 52% of its value and is currently trading at $0.02, with a market capitalization of $25 million.
MUSK IT currently trading at $0.03 and is up 212% from a day ago. Source: CoinMarketCapMemecoins Gain Popularity with Celebrity Backing
Interest in memecoins has surged following the launch of the Official Trump (TRUMP) and Official Melania (MELANIA) tokens in January 2024. These tokens, released on the Solana network, quickly attracted retail investors eager to capitalize on the memecoin trend.
Errol Musk is now attempting to leverage the Musk name to draw investors to Musk It. However, he has confirmed that Elon Musk is not involved in the project.
Despite the Musk name, the crypto community remains skeptical about the token’s prospects. Celebrity-backed memecoins rely on strong endorsements. Without Elon Musk’s involvement, Musk It may struggle to attract that much attention.
While memecoins have become a popular investment, they remain highly speculative and volatile. Investors often look for opportunities to generate significant returns, but without a clear use case or backing from Elon Musk, Musk It may not see the same success as Trump’s tokens.
Errol Musk’s Controversial Relationship with Elon Musk
Errol Musk’s involvement in the Musk It project comes amid reports of a strained relationship with his son, Elon Musk. According to biographer Walter Isaacson, Errol and Elon have been estranged for years. Elon publicly called his father “a terrible human being” in a 2017 interview.
e=”font-weight: 400;”>Isaacson’s biography details family conflicts, including Errol’s controversial decision to have a child with his stepdaughter, Jana Bezuidenhout. Elon’s brother, Kimbal Musk, has reportedly cut all ties with their father over the incident.
In response to these claims, Errol Musk denied the allegations, insisting that he has remained in contact with his sons. He also stated that he reconnected with Elon Musk at a SpaceX launch in 2023, though Elon has not confirmed it publicly.
Will “Musk It” Succeed Without Elon Musk’s Support?
The Musk Institute, which Errol Musk hopes to fund with Musk It, aims to support scientific research and engineering, including flying vehicles. However, the project lacks detailed tokenomics or a clear funding structure, raising concerns about its transparency.
Despite the skepticism, Errol Musk and his business partner, Nathan Browne, claim they are committed to the token and its purpose. They insist that Musk It is not a “pump and dump” scheme. However, without clear financial plans or Elon Musk’s support, its success remains uncertain.
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