Errol Musk Plans to Use Meme Cryptocurrency Musk It (MUSK) to Fund New Scientific Research Organization

Errol Musk, father of Tesla CEO Elon Musk, has announced plans to use a meme cryptocurrency called Musk It (MUSK) to fund a new scientific research organization.

Errol Musk, the father of Tesla CEO Elon Musk, is using a meme cryptocurrency called Musk It (MUSK) to fund a new scientific research organization.

In an interview with Fortune, Musk and his business partner Nathan Browne said they aim to raise between $150 million and $200 million for the Musk Institute, a for-profit think tank. The institute, founded in late 2024, will focus on various scientific pursuits, including the development of flying vehicles.

While the institute bears the Musk name, it operates independently from Errol’s more famous son, who has no involvement in the project.

In a departure from typical crypto launches, neither Errol Musk nor Browne created the Musk It token. Instead, they chose to partner with the existing cryptocurrency 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. The accessibility of the token across multiple platforms suggests an established trading infrastructure.

During the Fortune interview, 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.”

Browne 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,” he 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 innovative transportation solutions, though the institute has not yet released detailed plans for this research.

The Musk Institute’s status as a for-profit think tank sets it apart from many research organizations. This structure suggests a business-oriented approach to scientific research and development.

The token’s presence on multiple trading platforms indicates established market access for potential investors. However, the sharp price decline following the initial announcement highlights the volatile nature of meme-based cryptocurrencies.

Details about the institute’s research team, facilities, or timeline for beginning operations were not included in the Fortune interview. These operational aspects remain unknown as the funding initiative begins.

As of January 31, 2025, the Musk It token continues to trade on various exchanges, with its price stabilizing after the initial volatility following the partnership announcement.

The token’s price had dropped to $0.02603, down from its all-time high of $0.3322 reached when the news first broke.