Errol Musk, the father of tech billionaire Elon Musk, is backing a new memecoin called “Musk It” to raise between $150 million and $200 million for the Musk Institute—a newly established for-profit think tank focused on scientific research and innovation.
According to a Fortune report, Errol Musk and his business partner, Nathan Browne, are leading the initiative independently of his son, Elon Musk. However, Errol Musk acknowledges that investors may associate the token with the Tesla CEO because of his prominence in the tech and crypto industries.
Regardless, Errol appears unconcerned about the speculation, emphasizing his role in the Musk family’s legacy:
“I’m the head of the family. It really started with me in our family—I’ve been ‘Musking It’ for years.”
Despite his long-standing engagement with the crypto industry, Elon Musk has repeatedly stated that neither he nor his companies plan to issue a token.
Errol, however, says his inspiration for launching MUSKIT came after attending a SpaceX event in late 2023. At the event, Elon reportedly credited his father for teaching him the fundamentals of engineering.
Meanwhile, public reports suggest the father-son relationship has been strained over the years. Walter Isaacson’s 2023 biography of Elon Musk detailed past tensions, including allegations of verbal abuse during Elon’s childhood.
However, Errol has denied these claims, dismissing reports that he was estranged from his children or had been abusive toward Elon’s mother, Maye Musk.
Musk It
Data from DEXScreener indicates that multiple memecoins using the “Musk” branding have appeared across networks such as Solana, Base, and Ethereum.
However, the original Musk It token was launched in December 2024 by a Middle Eastern crypto firm through the Solana-based memecoin platform Pump.fun.
The project’s official X page describes it as a “coin of revolution, progress, and breaking barriers.”
Solscan data shows that the token has a total supply of 1 billion, with its top 10 holders controlling 22.79% of the supply, while the rest is distributed among other investors.
Following Errol Musk’s endorsement, Musk It surged 300%, reaching an all-time high of $0.3322 before slightly retracting to $0.03599. Trading volume also saw an 8,000% increase, surpassing $80 million during the reporting period, according to CoinMarketCap data.
Community reaction
Musk It’s rise comes amid a growing trend of celebrity-backed and politically linked memecoins, including those associated with US President Donald Trump.
This wave has sparked criticism from industry leaders, including billionaire investor Mark Cuban, who has called for greater oversight of memecoins due to their unchecked growth.
He stated:
“There are 1m tokens a week because there is no registration. We need a simple registration form that is tailored towards meme coins. There are enough KYC tools that can make it same day approval, with a fee to cover costs. Otherwise the junk will overwhelm the limited quality and hurt the industry.”
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