Elon's Father Launches "Musk It" Meme Coin for Think Tank

Elon Musk's father, Errol, has announced plans to raise up to $200 million through a meme coin called "Musk It" to fund a new for-profit think tank, the Musk Institute. The institute aims to advance scientific pursuits, including the development of flying vehicles.

Errol Musk and his business partner, Nathan Browne, intend to raise the funds through the sale of the "Musk It" token. The project is not associated with Elon Musk, who has no involvement in or endorsement of the meme coin. Errol expressed his frustration at the notion that he should not launch a token under the Musk name due to potential associations with his son.

The "Musk It" token was launched in December 2024 and reached an all-time high of $0.3322 on January 31 following the news of Errol Musk's association. However, the price has since dropped to $0.02603. The coin is available on several exchanges, including Raydium, MEXC, Meteora, WEEX, and BingX.

The project has raised concerns due to the lack of detailed information about the token's structure and intended use beyond funding the think tank. The 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.

Despite the risks associated with memecoins, Errol Musk remains optimistic about the project's potential. He dismissed concerns about using the family name for a crypto project that investors might associate with his famous son. Browne indicated that one of their conditions for joining the project was that "this cannot be a pump and dump."