Errol Musk, the father of renowned tech entrepreneur Elon Musk, has jumped into the world of cryptocurrency by backing a new memecoin called “Musk It.” This initiative aims to raise between $150 million and $200 million for the Musk Institute—a newly established for-profit think tank dedicated to scientific research and innovation.
As reported by Fortune, Errol Musk and his business partner Nathan Browne are spearheading this initiative independently of Elon Musk. While Errol acknowledges the possibility of investors associating the token with his famous son, he underscores his own integral role in the Musk family’s legacy. He boldly states, “I’m the head of the family. It really started with me in our family—I’ve been ‘Musking It’ for years.”
Despite his father’s venture into the crypto industry, Elon Musk has repeatedly emphasized that neither he nor his companies have plans to issue a token. Errol, on the other hand, shares that his inspiration for launching MUSKIT came after attending a SpaceX event in late 2023, where Elon credited his father for instilling the fundamentals of engineering in him.
While reports suggest past tensions in the father-son relationship, including allegations of verbal abuse during Elon’s childhood, Errol Musk has vehemently denied these claims, refuting any notions of estrangement from his children or abusive behavior towards Elon’s mother, Maye Musk.
The original Musk It token was launched in December 2024 by a Middle Eastern crypto firm through the Solana-based memecoin platform Pump.fun. Described as a “coin of revolution, progress, and breaking barriers,” the X page for the project outlines its mission and goals.
Statistical data from DEXScreener shows that several memecoins utilizing the “Musk” branding have emerged across various networks, including Solana, Base, and Ethereum. However, the significant surge in Musk It’s value following Errol Musk’s endorsement highlights its potential and appeal to investors. The token saw a 300% increase, reaching an all-time high before a minor retraction, with trading volume exceeding $80 million.
This development comes amidst a trend of celebrity-backed and politically linked memecoins, raising concerns among industry leaders like Mark Cuban. Cuban has called for stricter oversight of memecoins to mitigate risks associated with their unchecked growth, advocating for a registration process tailored towards meme coins to ensure quality control and industry integrity.
As the cryptocurrency landscape continues to evolve and expand, Errol Musk’s foray into memecoins represents a strategic move to harness his family’s legacy and drive innovation in scientific research. With Musk It gaining traction and support, the future of this memecoin and its impact on the crypto market remains to be seen.
