Errol Musk Promotes a Memecoin That Capitalizes on the Family Name to Raise Upto $200 Million

Errol Musk, alongside business partner Nathan Browne, will officially back the “MUSK IT” token with the ambitious goal of establishing the Musk Institute

Errol Musk, father of billionaire Elon Musk, is reportedly promoting a memecoin called “MUSK IT” to raise funds for various engineering projects, despite the father-son duo being estranged, according to Fortune.

Errol, together with his business partner Nathan Browne, will officially back the token with the goal of establishing the Musk Institute, a new for-profit think tank that Errol aims to spearhead.

The Musk Institute plans to go “beyond rockets” and build flying vehicles and other scientific pursuits. It is unclear how Elon Musk will be involved in this, if at all.

"I’m the head of the family. It really started with me in our family—I’ve been ‘Musking It’ for years,” Errol told Fortune, dismissing any concerns about leveraging his surname for this project.

The Musk Institute plans to collaborate with nobility in the United Arab Emirates (UAE) to foster innovative engineering projects, although specifics on timelines or project details are still pending.

A Middle East-based crypto company initially launched the MUSK IT token in December. Errol and Browne later joined the project and attached themselves after conceiving the idea for the Musk Institute.

MUSK IT had a market capitalization of $25 million as of Friday, according to CoinMarketCap, with $79 million in trading volumes and a 130% price increase in the past 24 hours. The token was issued on Solana platform Pump.fun, its contract address shows, with one billion tokens in circulation.

Token data shows 44,000 MUSK IT holders and the top ten addresses hold over 20% of the token’s total supply — cumulatively worth over $7 million at current prices.

The token's price rapidly increased from 1 cent to 20 cents following Fortune's report on the low liquidity and muted trading volumes, but it later dropped to 2 cents during Asian afternoon hours.

However, the specifics of how "Musk It" will operate, particularly its "tokenomics," remain largely unknown. Neither Errol Musk, Browne nor the Musk It website provided detailed insights into the token's structure or distribution plans.

Errol’s promotion of MUSK IT is the latest in a long line of so-called celebrity tokens, or usually short-lived memecoins that ride the hype of a well-known personality before fizzling out.

As such, one of the conditions laid out by Errol and Browne before the partnership was that the MUSK IT token “cannot be a pump and dump.”

But despite the distance from Elon Musk’s projects, the Musk It site prominently features several of his innovations — from a SpaceX rocket to a Tesla Cybertruck with only a “Mars Base; Opening Soon” note on the homepage.