Elon Musk’s father aims to generate up to $200 million through a newly launched meme coin. According to Errol Musk, the plan is to raise a minimum of $150 million through the “Musk It” meme coin to fund a for-profit think tank called the Musk Institute. The research institute will focus on scientific developments, including projects like flying vehicles.
MUSKIT and the Meme Coin Market
MUSKIT is another meme coin enjoying popularity like the recently launched $TRUMP and $MELANIA tokens introduced by the US President and First Lady. Both tokens gained popularity very shortly after their launches a few days apart, but have since lost most of their steam. Nonetheless, there are several new meme coins worth investing in that offer holders exciting features including access to layer-2 protocols to improve scalability, high returns for staking, and functionality in the gaming industry with play-to-earn (P2E) competitions for additional rewards.
In a recent interview with Fortune from his Cape Town home, Errol – who has an estimated net worth of $5 million – explained that he would execute his plans along with Nathan Browne, his business partner. Although they plan to raise money via the meme coin, Errol explains that he and Browne did not design the coin. They only approved the name and decided to work together on the token after it was launched in December by a cryptocurrency company based in the Middle East.
On the meme coin and the inspiration, Errol said:
“I’m the head of the family. It really started with me in our family – I’ve been ‘Musking It’ for years.”
According to CoinGecko data, Musk It (MUSKIT) is currently trading at $0.0264, up more than 100% over the last 7 days but down over 30% in the last month. In addition, MUSKIT is at least 66% lower than its all-time high (ATH) of $0.07278 from January 31, 2025. At the moment, there is not much direction for the future of MUSKIT, or whether or not Errol and Nathan will successfully hit their desired target. Nonetheless, it is noteworthy that the token struggled when it initially launched and only began recording real movement after Errol’s announcement.
MUSKIT and Whether Elon Will Join
The meme coin space has been buzzing recently, especially with the release of tokens from the Trump family. However, this is not enough to expect Elon’s interest or contribution. Errol reportedly has an estranged relationship with his sons Elon and Kimbal. While Elon once described Errol as “such a terrible human being,” Elon’s mother, Maye, has also alleged abuse.
Although some reports suggest the father and son have discussed the project, many wonder what the effect of Errol’s involvement in the token would be since the asset shares the family name. However, in response to the idea that investors will connect the meme coin to Elon, despite his distance from the project, Errol simply asked:
“Anybody that follows after [Elon] is not allowed to be successful because Elon is successful?”
Browne also noted that Elon’s endorsement or contribution is unnecessary, and anyone who thinks otherwise is “missing the point.”
Notably, Elon has had previous involvements with the crypto industry, especially with several tweets that have pumped the values of cryptocurrencies like Dogecoin (DOGE).
According to Browne, one requirement for partnering with MUSKIT was a guarantee that the token must not be used as a “pump and dump” scheme. However, there is some concern for the token because there are no public details about tokenomics and distribution.
On the future of MUSKIT, author and blockchain expert Anndy Lian says the token will likely never succeed like the Trump coins. According to Lian, “Elon’s personal stamp” may be the only factor that will change the asset’s trajectory.
