Elon Musk's Father Errol Musk Aims to Raise $200 Million From Meme Coin Project 'Musk It'

Errol Musk and business partner Nathan Browne aim to raise $150 million to $200 million from a token project called “Musk It,” Fortune reported Thursday (30).

Elon Musk's father, Errol Musk, is joining forces with a business partner to launch a meme coin called “Musk It,” aiming to raise $150 million to $200 million from the venture, Fortune reported Thursday (30).

The elder Musk, who is reportedly estranged from his multi-billionaire son, told the magazine that he hopes to use the proceeds to fund a for-profit think tank called the Musk Institute.

While meme coins are known for their sudden wipeouts, Errol Musk said he is not concerned about monetizing his name on a meme coin that many would-be investors will inevitably associate with his more famous offspring, the report said.

“I'm the head of the family,” the elder Musk said, per the report. “It really started with me in our family — I've been ‘Musking It’ for years.”

Errol Musk and Browne are not the designers of the coin, which comes from a crypto firm in the Middle East, the report said. Instead, they signed off on the name and decided to collaborate on the token after developing the idea for the Musk Institute late last year.

Although crypto products usually release “tokenomics” detailing their funding and how the tokens will be distributed, there is little public information about Musk It, according to the report. Errol Musk and Browne offered few additional details.

Errol Musk also said that the claims in his son's biography that their relationship was strained were “absolute rubbish,” adding he recently spent time with both Elon and his other son, Kimbal, per the report. Neither son is involved with the meme coin or think tank.

The effort to launch “Musk It” comes as meme coins — including the one minted by President Donald Trump — are sparking a debate within the crypto sector.

Hedge fund Elliott Management issued a warning this week that the Trump administration's embrace of crypto has led to crypto assets that have jumped in price but have “no substance.”

The “inevitable collapse” of the crypto bubble “could wreak havoc in ways we cannot yet anticipate,” Elliott said, per the Financial Times.

As the crypto market matures and institutional players enter the space, knowing the distinction between meme coins and digital assets is critical for businesses, investors and regulators, the report said. Conflating the two can cause misunderstandings about the role of blockchain technology in finance.