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Errol Musk, the father of Tesla and SpaceX founder Elon Musk, is backing a meme coin project by the name of “Musk It” to raise $150 million to $200 million for the launch of a for-profit think tank called the Musk Institute.
That’s according to report in Fortune that’s based on an interview with Errol Musk and his business partner, Nathan Browne.
The Musk It meme coin surged 512% in the past 24 hours to reach a market capitalization of $66 million after news of the endorsement by Errol Musk broke.
It’s trading at $0.06902 as of 9.27 a.m. EST, 28% below it’s all-time high reached earlier in the period, according to CoinGecko.
Errol Musk and his business partner are not the creators of the Musk It token, which was quietly launched by a Middle East-based company last month.
Musk, who has a strained relationship with his billionaire son and other members of his family, also said Elon Musk is not associated with the project in any capacity.
Errol Musk Says New Institute Will “Go Beyond Rockets”
The planned Musk Institute would collaborate with nobility in the United Arab Emirates (UAE) to foster an array of innovative engineering projects, and Errol Musk said it will “go beyond rockets” and build flying vehicles as well as pursue other scientific endeavors.
Errol ran out of money in the 90’s. My brother & I financially supported him & his extended family in South Africa since then on condition that he not do bad things. Unfortunately, he did do bad things 🙁
— Elon Musk (@elonmusk) September 21, 2022
He dismissed any concerns about leveraging his surname for the project, telling Fortune that he has been “‘Musking It’ for years.” He said that he is the “head of the family,” and also added that he is the original innovator in the family.
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