Elon Musk's father, Errol Musk, has joined the meme coin trend by announcing his involvement with "Musk It," a new meme coin project built on the Solana blockchain. Errol aims to raise between $150 million and $200 million to fund a think tank known as the Musk Institute.

Musk It was initially launched in a pump-and-dump style by a Middle Eastern company in December 2024. However, with Errol and his associate, technology consultant Nathan Browne, backing the project, its price skyrocketed to an unprecedented $0.09. Browne emphasized their commitment to preventing the project from being merely a pump-and-dump scheme. Despite the financial details and token distribution remaining somewhat ambiguous, Errol believes the token has a meaningful mission: to support the Musk Institute.

Errol envisions the Musk Institute as a center for cutting-edge engineering projects, including flying cars. While Elon Musk has dedicated years to advancing rocket technology, Errol believes there are frontiers beyond rockets. He stated, "We need to go beyond rockets."

The relationship between Errol and Elon Musk has been described as tense. Elon has accused his father of being a terrible person, claiming he has committed almost every possible crime. Errol, however, disputes these allegations and mentioned that Elon recently showed interest in Musk It after learning about it through the media.

Elon Musk is well-acquainted with meme coins, particularly Dogecoin (DOGE), which he has supported and integrated into Tesla's online store. Despite his long-standing connection to DOGE, Musk has resisted the temptation to release a token named after himself, unlike other celebrities and former President Donald Trump.