Elon Musk’s dad plans $200M raise with ‘Musk It’ memecoin
2025-01-31
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Elon Musk’s father may be the next influential figure to raise funds through a memecoin amid growing interest in celebrity-backed meme tokens.
Retail investor interest returned to memecoins after President Donald Trump launched the Official Trump (TRUMP) memecoin on Jan. 18 and the Official Melania (MELANIA) token on Jan. 19 on the Solana network
Joining the ranks, Elon Musk’s father, Errol Musk, is reportedly looking to launch his own memecoin token project called Musk It (MUSKIT).
Musk’s father hopes to raise as much as $200 million from the memecoin project, which he plans to use to support a for-profit think tank called the Musk Institute, he told Fortune.
The Musk It token was silently launched on Dec. 12, 2024, by a Middle Eastern cryptocurrency company.
However, the token failed to gain significant traction, shedding over 52% of its value since launch, to trade at $0.02 with a $25 million market capitalization as of 7:58 am UTC, CoinMarketCap data shows.
The senior Musk specified that his son, Elon, was not involved with the meme token project.