Crypto: Elon Musk's Father Seeks to Raise $200 Million with Controversial Memecoin

The memecoin craze shows no signs of stopping, and even the most unexpected figures are riding this ultra-lucrative wave. This time, it’s from the Musk clan that we observe an incursion into the crypto business. But no Elon in sight! It’s his father, Errol Musk, who is trying his luck with a memecoin project called “Musk It”. An initiative that promises to be as opaque as it is controversial.

Father Musk Secures a Place in the Crypto Market

Errol Musk, eternal entrepreneur and father of Elon Musk, the tech superstar, has decided to exploit his name to monetize a memecoin, hoping to raise between 150 and 200 million dollars. His official objective? To finance a think tank named the “Musk Institute”. But curiously, the project seems to have been conceived backwards: first the token, then the ideas.

https://twitter.com/Cointelegraph/status/1885229025875951688

However, the Musk It coin did not spring from Errol’s mind. It already existed discreetly before he got involved. A detail that has not prevented the patriarch from claiming paternity over the initiative.

“I’ve always ‘Musked’ in my family”, he boasts.

Only, the crypto project tragically lacks clarity. No roadmap, no solid explanation about the distribution of tokens… In short, a classic “pump and dump” scheme.

Moreover, CoinMarketCap shows a market cap of 11 million dollars for this memecoin, but specifying that this figure is self-declared. Errol, for his part, swears that everything is under control:

“This will not be a scam”.

Investors will appreciate the nuance.

Elon Musk and His Father: A Heavy Legacy

If there is one thing that Elon Musk does not endorse, it is the appropriation of his name for dubious purposes. Officially, he has nothing to do with the Musk It crypto. Unofficially, he would certainly have taken the time to call his father to ask what it was all about.

But between the two men, communication resembles more of a battlefield than a family dialogue.

Errol Musk, an eccentric character, is no stranger to controversy. Between his sometimes outlandish statements and his questionable lifestyle choices (like having a child with his daughter-in-law), he has carved out a notorious reputation.

Even his own son publicly disavowed him. In 2022, Elon tweeted:

“Errol ran out of money in the 90s. My brother & I financially supported him & his extended family in South Africa since then on condition that he not do bad things. Unfortunately, he did do bad things.”

https://twitter.com/elonmusk/status/1572595710528262160

And this is not the only scandal involving the patriarch. He recently made headlines discussing the supposed Nazi connections of Elon’s maternal grandparents, stating that “they used to support Hitler”.

A statement that obviously did not help to restore his image.

Let it be said, Elon Musk has already elected his memecoin: Dogecoin. The billionaire has never shied away from promoting it, and his latest maneuver says a lot: he reportedly offered the founder of Dogecoin to join the USA DOGE department. A subtle way to remind everyone who the true Musk of crypto is.