Elon Musk's father, Errol Musk, has joined the meme coin craze by announcing his involvement with a new project called "Musk It." The meme coin, built on the Solana blockchain, aims to raise between $150 million and $200 million to fund a think tank known as the Musk Institute.
Errol Musk, who has been described as a "charismatic fantasist" by his biographer, is not bothered by the notion that the meme coin's rise is tied to his son Elon's name and fame. He stated, "I'm the head of the family. It really started with me in our family—I’ve been ‘Musking It’ for years."
The Musk It token 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 value has skyrocketed to an unprecedented $0.09. Browne emphasized their commitment to preventing the project from being a mere pump-and-dump scheme. Despite this, the financial details and token distribution of Musk It remain somewhat ambiguous, lacking a transparent plan or breakdown.
Errol Musk 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 that need to be explored.
The relationship between Errol and Elon Musk has been strained over the years, with Elon accusing his father of being a terrible person. 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 familiarity with the meme coin world, Musk has resisted the temptation to release a token named after himself, unlike other celebrities and former President Donald Trump.
