Elon Musk's Father Launches Own Meme Coin

Elon Musk’s father, Errol Musk, has officially stepped into the cryptocurrency space with his own meme coin, "Musk It." Teaming up with business partner Nathan Browne, Errol told Fortune that they aim to raise between $150 million and $200 million through the project. The proceeds will reportedly fund a new think tank, the Musk Institute.

As the father of the world’s richest man and a key figure in President Donald Trump’s second administration, Errol Musk appears to be capitalizing on the family name. He joins a growing number of public figures leveraging their fame in the crypto market—alongside personalities like internet sensation Haliey Welch ("Hawk Tuah Girl"), Donald Trump, and First Lady Melania Trump.

However, financial experts caution that meme coins—highly volatile digital assets with no intrinsic utility—are often vulnerable to "pump and dump" or "rug pull" schemes. These scams see early investors artificially inflate the coin’s value through hype, only to sell off their holdings, leaving the majority of investors at a loss.

In an interview with Fortune on Thursday, Errol Musk stated that neither of his sons, Elon nor Kimbal Musk, are involved in the project or the Musk Institute. However, he did confirm that Elon had called him earlier this month to inquire about the venture.

Rumors about the Musk Institute first surfaced in December. Finance Middle East reported, citing now-deleted comments Errol Musk made to Arabian Business, that the think tank would be based in Dubai and aimed at addressing the United Arab Emirates' "brain drain."

"Dubai is central to the world, and we wanted to build an academy of science to retain the greatest and craziest minds, giving them a chance," Errol Musk was quoted as saying.

The Musk It token, launched in December by a Middle Eastern–based crypto company, has surged more than 500% since Fortune published its article. As of 9:30 a.m. ET, the coin was trading at approximately $0.07, with a market cap of $72 million and 24-hour trading volume exceeding $88 million.

Expert Concerns

Following the launch of the $TRUMP coin ahead of the inauguration, legal expert Yesha Yadav—associate dean and Milton R. Underwood Professor of Law at Vanderbilt University—warned Newsweek that meme coins based on internet trends pose risks to the broader crypto industry. She cautioned that they could overshadow legitimate efforts to bring regulatory reform and institutional credibility to the sector.

When asked by Fortune about monetizing the Musk name, Errol Musk responded:

"I'm the head of the family. It really started with me—I've been 'Musking It' for years."

Meanwhile, Yadav told Newsweek on January 21:

"The crypto industry may well worry that momentum toward institutionalization and legitimacy could slow if meme coins continue to dominate public and policy attention."

Construction of the Musk Institute is scheduled to begin in 2025, according to Finance Middle East.

Meanwhile, multiple crypto-focused accounts are heavily promoting the Musk It token on X, and its value continues to climb steadily on CoinMarketCap.