Today: Feb 12, 2025

Elon Musk’s father Errol enters crypto: The controversial ‘Musk It’ token explained

1 week ago

Errol Musk, father of billionaire Elon Musk, has introduced a memecoin project named Musk It , aiming to raise between $150 million and $200 million to establish the Musk Institute , a for-profit think tank. Launched  by a Middle Eastern crypto company, the project leverages the Musk family name.

Errol Musk, the often-controversial patriarch of the Musk family, has partnered with tech consultant Nathan Browne to publicly endorse a cryptocurrency project called “Musk It.” reports Fortune magazine.

Memecoins, cryptocurrencies tied to internet trends, jokes, or personalities—have surged in popularity in recent years. While some, like Dogecoin and Shiba Inu, have cultivated large communities, most memecoins lack intrinsic value and are prone to dramatic price swings, often leaving investors with heavy losses. This practice, known as getting “rugged” in crypto circles, makes memecoins some of the riskiest investments in the digital asset space.

Despite these risks, Errol Musk appears unfazed about lending his name to such a venture. “I’m the head of the family,” Errol told Fortune, asserting his belief that his legacy is just as worthy of a brand as his son’s. “It really started with me in our family—I’ve been ‘Musking It’ for years.”

While most legitimate cryptocurrency projects publish detailed “tokenomics”—a breakdown of how tokens are distributed, used, and funded—Musk It has released little public information. The official website is sparse, and even CoinMarketCap, a major crypto tracking site, includes a disclaimer that its listed market cap of nearly $11 million is self-reported and unverifiable.

When asked for details, Browne insisted that one of their conditions for joining the project was that “this cannot be a pump and dump”—a common crypto scheme in which insiders artificially inflate the price of a token before selling off their holdings, leaving other investors with worthless assets. However, without clear financial structures in place, skepticism remains high.

Elon Musk’s relationship with his father has been widely reported as fraught and estranged. Walter Isaacson’s 2023 biography of the Tesla and SpaceX CEO describes Errol as “a charismatic fantasist who to this day bedevils Elon.” The book also details allegations of verbal and physical abuse, as well as the shocking revelation that Errol fathered two children with his stepdaughter, Jana.

Elon himself has spoken about their strained relationship. In a 2017 interview with Rolling Stone, he referred to Errol as “such a terrible human being” with a “carefully thought-out plan of evil.” While Errol denies these claims, Kimbal Musk, Elon’s younger brother, has publicly severed ties with their father, reportedly stating, “You’re done, you’re out. I never want to speak to you again.”

Errol insists, however, that his relationship with Elon is not as fractured as the media portrays. He claims that his son invited him to a SpaceX launch in late 2023, where Elon reportedly credited him for “teaching me everything I know about engineering.” No independent sources have confirmed this anecdote.

Unsurprisingly, Elon Musk has not endorsed or commented on Musk It. His biographer, Isaacson, suggests that the billionaire actively cuts off contact with his father, making it highly unlikely that he would support any project associated with Errol.

Errol himself admitted that his son inquired about the memecoin earlier this year but claims he assured Elon that he is handling the project independently. Representatives for Elon and Kimbal Musk declined to comment when approached by Fortune.

Beyond the memecoin, Errol Musk and Browne hope to establish the Musk Institute, a research think tank dedicated to “advancing engineering projects” such as flying vehicles. Errol argues that “we need to go beyond rockets” and explore new frontiers in transportation.

However, much like the memecoin, there are no clear details on how or when the Musk Institute will launch. Errol claims he conceived the idea while meeting with “men and women of nobility across several of the emirates” in the UAE. Yet, when pressed for specifics, both he and Browne offered little beyond vague assurances of future developments.

The Musk It memecoin is undoubtedly riding on the name recognition of Elon Musk, despite Elon himself having no involvement. While Errol Musk insists that he has every right to capitalize on the family name, history suggests that memecoins with unclear tokenomics and no real utility often collapse, leaving investors with significant losses.

Fabrice Iranzi

Journalist and Project Leader at LionHerald, strong passion in tech and new ideas, serving Digital Company Builders in UK and beyond
E-mail: iranzi@lionherald.com

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