Errol Musk is the name of the father of the famous businessman Elon Musk.
Erol is seeking to raise between $150 million and $200 million through Musk It to fund the Musk Institute, a research organization that aims to develop engineering projects beyond rocket technology, Fortune reported.
Musk It was launched in December in collaboration with a Middle East-based crypto company, with Errol working with his business partner Nathan Brown to develop the project.
Errol explained that the initiative reflects his long career in the field.
Elon Musk was not involved in or endorsed the project, but inquired about it after the news broke.
His father assured him that he was going ahead with his plans independently.
Following the Fortune report, MUSKIT saw a sharp rise in its market value, reaching $23 million, with a 1,500% jump on Thursday evening, as the coin’s price rose from $0.014 to $0.2, before falling back to $0.03.
It is worth noting that meme coins are known for their high volatility, and are often associated with internet personalities or digital jokes, making them a risky investment.
The lack of information about the MUSKIT project has raised questions about the currency’s economics and uses, as the alleged official website does not provide any clear details about its structure or goals.
Despite the ambiguity surrounding the project, Brown stressed that their goal is not just to pump and dump, stressing their commitment to developing the institute.
For his part, Errol Musk dismissed concerns that using the family name for a crypto project might lead investors to associate it with his famous son, asking:
Does that mean anyone who follows Elon is not allowed to succeed?
As for Brown, he confirmed that the project does not depend on Elon Musk in any way, saying:
If anyone expects to be supported or endorsed, they are missing the point.
Musk It$
