Errol Musk Launches Meme Crypto 'Musk It' for $150M Research Institute

Errol Musk, the father of Tesla CEO Elon Musk, has announced plans to raise between $150 million and $200 million through a meme cryptocurrency called Musk It (MUSK) to fund a new scientific research organization, the Musk Institute. The institute, a for-profit think tank, aims to focus on various scientific pursuits, including the development of flying vehicles.

The Musk Institute, founded in late 2024, operates independently from Errol's more famous son, Elon Musk, who has no involvement in the project. In a notable departure from typical crypto launches, Errol Musk and his business partner Nathan Browne chose to partner with the existing Musk It token after establishing their institute. The token had already launched in December 2024 before the partnership was formed.

The price of Musk It has shown high volatility since the announcement. The token reached its highest value of $0.3322 on January 31, 2025, when news of Errol Musk's involvement became public. However, the price quickly declined to $0.02603 in subsequent trading. Currently, investors can trade Musk It on several cryptocurrency exchanges, including Raydium, MEXC, Meteora, WEEX, and BingX, as listed on CoinMarketCap.

During interviews, Errol Musk addressed potential concerns about using the Musk name for the project. He defended his right to use the family name, stating, "It really started with me in our family—I’ve been ‘Musking It’ for years." Nathan Browne, Errol's business partner, emphasized that investors should not expect Elon Musk's participation. "If anyone is relying on Elon to endorse or contribute, then I think they’re missing the point," Browne told Fortune.

The partnership between the Musk Institute and the Musk It token represents an unconventional approach to research funding. Rather than seeking traditional investment or grants, the institute has opted to align itself with a cryptocurrency that shares its name. While the institute has revealed its target funding amount, specific details about how the money will be raised remain unclear. The Fortune interview did not disclose information about the token’s economic structure or how funds would flow from token sales to the institute.

The development of flying vehicles stands out as one of the institute’s primary research goals. This focus aligns with broader industry trends toward