Errol Musk Plans $200M Raise via ‘MUSK IT’ Token to Push Innovation Beyond Rocket Technology

Errol Musk Launches ‘MUSK IT’ Memecoin to Raise $200M for High-Tech Ventures

While Elon Musk’s memecoin interests have largely revolved around Dogecoin, his father, Errol Musk, is charting his own course with a new cryptocurrency project.

Errol Musk, alongside his business associate Nathan Browne, has thrown his support behind “MUSK IT,” a memecoin aiming to raise up to $200 million to fund cutting-edge engineering initiatives. The project, despite Errol’s estranged relationship with his billionaire son, seeks to leverage the Musk name to attract investors.

According to Fortune, the funds will be used to establish the Musk Institute, a for-profit think tank focused on scientific innovation beyond space exploration. The institute plans to develop flying vehicles and other groundbreaking technologies, though details remain sparse.

“I’ve been ‘Musking It’ for years,” Errol Musk stated, brushing off concerns about using his last name for the venture.

The project is also seeking backing from wealthy investors in the UAE, with Errol Musk reportedly in talks with regional royalty to support the institute’s development.

MUSK IT was originally launched in December by a Middle Eastern crypto firm before Errol Musk and Browne became involved, integrating it into their vision for the Musk Institute.

Currently, the token boasts a market capitalization of $25 million, with $79 million in 24-hour trading volume, per CoinMarketCap. The token, built on Solana’s Pump.fun platform, has one billion tokens in circulation. Data shows 44,000 holders, with the top ten wallets controlling more than 20% of the supply—valued at over $7 million.

After Fortune published its article, MUSK IT spiked from $0.01 to $0.20 before retreating to just above $0.02 during Asian trading hours, reflecting volatile trading conditions.

Despite the excitement, the project’s long-term vision and economic structure remain unclear. Neither Errol Musk nor Browne has provided details on the token’s future roadmap.

The venture joins a growing wave of “celebrity-backed” memecoins—projects that surge in popularity before often fizzling out. However, Errol Musk and Browne have emphasized that MUSK IT “cannot be a pump and dump.”

Curiously, despite Elon Musk’s apparent lack of involvement, the MUSK IT website prominently showcases SpaceX and Tesla imagery, including a Cybertruck and a SpaceX rocket, with a mysterious tagline: “Mars Base; Opening Soon.”