Elon Musk’s dad plans $200M raise with ‘Musk It’ memecoin
Elon Musk’s father, Errol Musk, is looking to launch a memecoin called 'Musk It' to raise up to $200 million. The funds are intended to support a for-profit think tank known as the Musk Institute. The Musk It token was initially launched in December 2024 by a Middle Eastern cryptocurrency firm but has since lost over 52% of its value, trading at $0.02 with a market capitalization of $25 million as of January 31, 2025. Despite its poor performance, interest in memecoins has surged recently, especially following prominent launches, including those endorsed by Donald Trump. Errol Musk has clarified that his son, Elon, is not involved in the memecoin project, distancing the initiative from the high-profile Elon Musk brand.
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