Elon Musk’s father launches a meme coin to fund his for-profit scientific institute

Errol Musk, the father of tech mogul Elon Musk, and his business partner Nathan Browne have launched a new meme coin called Musk It (MUSK), aiming to raise between $150 million and $200 million to fund a for-profit scientific institute, the Musk Institute. This institute will focus on advancing various scientific endeavors, including the development of flying vehicles.

Errol Musk and Nathan Browne made the decision to launch Musk It after conceptualizing the idea for the Musk Institute late last year. While they approved the coin’s name, they clarified that they are not the creators of the Musk It coin but are backing it in partnership with others. Details about the project’s tokenomics and structure have not been revealed publicly, as of the latest interview with Fortune.

Musk It was launched in December 2024, with a notable spike in value, reaching an all-time high of $0.3322 on January 31, 2025, after news of Errol Musk’s involvement spread. However, the price has since dropped to $0.02603. The token is listed on several exchanges, including Raydium, MEXC, Meteora, WEEX, and BingX, according to data from CoinMarketCap.

Despite the association with the Musk name, Elon Musk is not involved in the Musk It project. In the interview, Errol Musk expressed his frustrations over the assumption that his son, Elon, would endorse or contribute to the project. He emphasized that the initiative was deeply personal and had its roots in his own endeavors, stating, “It really started with me in our family—I’ve been ‘Musking It’ for years.” Nathan Browne also stressed that anyone expecting Elon Musk’s direct involvement was missing the point of the project.

The primary goal of the Musk Institute is to pursue scientific innovations, particularly in aviation technologies, including the development of flying vehicles. The institute will be a for-profit entity, with the funds raised through Musk It aimed at supporting the institute’s research and projects.

Despite initial excitement around the coin, its fluctuating price and the limited details on the project’s structure leave investors with uncertainty. However, Errol Musk’s vision for a scientific institute backed by the meme coin has sparked curiosity and conversations, especially given the connection to the prominent Musk family name.

This move reflects the growing trend of celebrities and entrepreneurs launching cryptocurrency projects to fund ventures, leveraging the allure and novelty of meme coins to engage potential investors and supporters.