The post Elon Musk’s father launches meme coin to fund for-profit scientific institute appeared on BitcoinEthereumNews.com.

Errol Musk and Nathan Browne intend to raise between $150 million and $200 million from the meme coin Musk It for a for-profit scientific institute Errol Musk, father of Elon Musk, and his business partner Nathan Browne recently told Fortune that he plans to raise between $150 million and $200 million from a new token project Musk It (MUSK). The funds will go to the Musk Institute, a for-profit think tank Errol is founding to advance his scientific pursuits, including the development of flying vehicles. To be clear, Errol Musk and Browne are not the creators of the Musk It coin. They approved its name and decided to partner on the token after conceiving the idea for the Musk Institute late last year. They are now ready to publicly back the meme coin. However, they did not disclose specific details on the project’s tokenomics or structure in the Fortune interview. Elon Musk has no involvement in the Musk It project. In the said interview, Errol expressed his frustrations at the thought that he shouldn’t be launching a token under the Musk name as investors will likely associate it with his son. “It really started with me in our family—I’ve been ‘Musking It’ for years,” he told Fortune. “If anyone is relying on Elon to endorse or contribute, then I think they’re missing the point,” Browne remarked.  Musk It was launched in December 2024. It reached an all-time high of $0.3322 on Jan. 31 following the news of Errol Musk’s association. However, the price has since dropped to $0.02603. The coin is available on several exchanges, including Raydium, MEXC, Meteora, WEEX, and BingX, according to CoinMarketCap. Source: https://crypto.news/elon-musks-father-launches-meme-coin-to-fund-for-profit-scientific-institute/

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Filed under: News - @ January 31, 2025 8:22 am