Errol Musk Partners with 'Musk It' Memecoin to Establish the 'Musk Institute'

For the longest time, Elon Musk has stayed away from getting involved in memecoins under his name despite the many projects that were created

Elon Musk has stayed away from getting involved in memecoins despite the many projects that were created in his honor. Now, his father, Errol Musk, is capitalizing on it.

“Musk It” was launched last December by people outside the Musk family, but Errol Musk has now partnered with the token as part of his plans for the “Musk Institute.” While Elon Musk has denied all the memecoins connected to his given and family name, the world's iconic billionaire is known for supporting one of the most popular altcoins there has been for many years already, Dogecoin.

Errol Musk Partners with 'Musk It' For the 'Musk Institute'

According to a report by Fortune, Errol Musk has grand plans towards establishing the Musk Institute, and this includes partnering with a crypto company that created the memecoin "Musk It." It was revealed by Errol that when “Musk It” was made by a Middle Eastern crypto company last December, there were no connections to him or to his son, Elon.

However, he and his business associate, Nathan Browne, decided to approve the use of the Musk family name to create the coin and to partner with its creators to help with their for-profit think tank, the Musk Institute. According to father Musk, he is now ready to endorse the 'Musk It' memecoin as he also seeks to raise around $150 million to $200 million for his new think tank, and shared that he has no problem monetizing his and his billionaire son's name for it.

That being said, Errol Musk regarded that the Tesla CEO and X owner is not connected to his Musk Institute venture, as well as the 'Musk It' memecoin, with Fortune noting that Elon has long stayed away from being associated with altcoins. Despite the sure venture from Errol, there are still no concrete details and public information behind the Musk It coin until now, despite being launched last December.

Elon Musk and His Cryptocurrency Involvement

The massive controversy of celebrities and personalities being tied to memecoins has been a growing issue, particularly as they are either proprietors of the coin which led to a crash, or their names being wrongly used for the creators' benefit. One example would be the recent rise and crash of the Hawk Tuah memecoin from Haliey Welch, with many losing money because of the alleged 'pump and dump' scheme.

To be clear, Elon Musk has no proprietary memecoins in the market or in the past despite being a massive advocate of the cryptocurrency industry and being among the most prominent personalities tied to it. That being said, Musk is known for being a fanboy, like many others, to the renowned altcoin known as Dogecoin, and it is a meme-based crypto that has been linked to Musk for many years.

Musk has long campaigned for Dogecoin to shoot up in valuation and market cap, and he even planned a 'DOGE-1' launch for SpaceX to bring the famed memecoin 'to the Moon' which will make its famed catchphrase a reality. The crypto fondness apparently runs in the blood as Musk's father, Errol, has recently partnered with the creators of 'Musk It,' and this is part of his massive plans to establish his new for-profit, the Musk Institute.