Media: Elon Musk's father plans to raise up to $200 million through memecoin Musk It - INCRYPTED

Politician and entrepreneur, as well as father of Elon Musk - Errol Musk - said that he plans to receive $150 to $200 million from the launched token called Musk It (MUSKIT), according to an interview with Fortune.

Elon Musk noted that he will allocate these funds to establish a new commercial analytics center, Musk Institute, in collaboration with his business partner Nathan Brown.

The idea of creating an institute that would bring together researchers for various engineering projects arose during a visit to the United Arab Emirates, but Musk and Brown did not disclose the launch dates, journalists noted.

Note that the memcoin Musk It was launched back in December 2024 by an unknown cryptocurrency company based in the Middle East. Now Errol Musk and Nathan Brown are ready to publicly support the token. According to the latter, one of the conditions for joining the Musk It token project was that ‘it cannot be a Pump and Dump scheme’.

Nevertheless, in the conversation with the media, business partners did not have a clear understanding of the tokenomics of the Memecoin Musk It.

According to CoinMarketCap, the token’s market capitalization is over $25 million at the time of writing.

Despite the fact that Elon Musk himself is against selling digital tokens with his name, Musk senior emphasized that he was the one who ‘started the entrepreneurial spirit in their family’ and that he continues to embody it.

You can read more about how the Trumps’ memecoins, TRUMP and MELANIA, were launched in a separate article by Incrypted:

Recall that recently several projects of the company CIC Digital, which sell various products under the brand of US President Donald Trump, started accepting payment in meme coins TRUMP and MELANIA.