In a surprising move, Errol Musk, father of tech mogul Elon Musk, has partnered with a Middle Eastern crypto company to launch a new memecoin called "Musk It". Despite its name, the cryptocurrency, created last December, initially held no connection to the Musk family. Errol's collaboration with the creators marks a significant step in his plans for the Musk Institute, a for-profit think tank aimed at raising substantial funds.
The "Musk It" memecoin was introduced into the market without the involvement of Elon Musk, who has consistently denied any links to various memecoins bearing his name. Notably, while Elon is a well-known advocate of Dogecoin, another meme-based cryptocurrency, he has distanced himself from any association with "Musk It". Errol Musk, however, sees no issue in utilizing their family name for financial gain, particularly in support of his ambitious institute.
Errol Musk, alongside his business associate Nathan Browne, officially sanctioned the use of the Musk family name for this memecoin endeavor. Their approval comes as part of broader efforts to fundraise for the Musk Institute. The think tank aims to gather between $150 million to $200 million, utilizing "Musk It" as one of its primary fundraising strategies.
Though the memecoin had its public debut almost a year ago, concrete details about "Musk It" remain scarce. The lack of comprehensive information has not deterred Errol's plans. His strategic partnership with the coin's creators underscores his commitment to establishing and advancing the Musk Institute’s objectives.
Elon Musk’s involvement in cryptocurrency is primarily linked to Dogecoin, which he has publicly supported over the years. His repeated denials of any connections to memecoins like "Musk It" reflect his cautious stance on unauthorized use of his influential name. Meanwhile, Errol Musk moves forward, unfazed by potential controversy surrounding the commercial use of their family name.
