Errol Musk Aims for $200M Fundraising
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Errol Musk, father of billionaire entrepreneur Elon Musk, announced plans to launch a meme coin named “Musk It,” aiming to raise between $150 million and $200 million. Meme coins, which often lack intrinsic value and are driven by online hype, have seen a surge in popularity. “Musk It” comes amid a flurry of controversial meme coins over the past several weeks, raising concerns within the crypto industry and beyond. Errol Musk’s Meme Coin with Big Goals While Elon Musk has frequently influenced crypto markets, particularly Dogecoin (DOGE), he has never officially launched a token of his own. However, according to Fortune, his father, Errol Musk, believes his meme coin could be a game-changer. Errol Musk and his business partner, Nathan Browne, intend to use the funds from the Musk It project to support the newly established Musk Institute, a for-profit think tank focused on scientific innovation. While Errol Musk claims his initiative is independent of his son, many investors will likely associate the token with the CEO of Tesla and SpaceX. “If the Musk family is involved, you know it’s going to be a RIDE,” one user on X quipped. A Middle Eastern-based crypto company originally launched the token in December. However, it failed to gain traction until Errol Musk publicly endorsed it, insisting it is not a “pump-and-dump” scheme. Nevertheless, the lack of transparency has raised concerns, with little information about the Musk It meme coin’s structure. This is unlike most cryptocurrency projects, which release detailed tokenomics explaining funding allocation and distribution. Notwithstanding, data on CoinGecko shows Musk It meme coin’s market capitalization approaching $27 million as of this writing. Musk It Meme Coin Market Cap. Source: CoinGecko Errol Musk’s relationship with his son has been widely reported as strained. Walter Isaacson’s biography of Elon Musk, released in 2023,…
Filed under: News - @ January 31, 2025 10:22 am