Errol Musk, the father of the famous businessman and innovator, together with his business partner Nathan Brown, plans to raise between 150 and 200 million dollars through a new memecoin called Musk It (MUSK). These financial resources are intended to support the Musk Institute — a non-profit organization founded by Errol to promote scientific research.

It is interesting to note that neither Errol Musk nor Nathan Brown are the creators of the memecoin Musk It. They merely approved its name and decided to publicly support the initiative after they had the idea of creating the Musk Institute at the end of last year.

The launch of the memecoin took place in December of last year. After it became known about the involvement of the father of the world-famous entrepreneur in the project, the token price increased by 288%, reaching $0.0389. According to data from the cryptocurrency platform Coinmarketcap, the market capitalization of this digital asset is currently $42.49 million.

In an interview with Fortune, Errol Musk emphasized that his famous son is in no way connected to the Institute or the memecoin. He also expressed regret over possible associations of the MUSK token with his son's name.

Nathan Brown, in turn, added: "We have been pondering this for several years. If someone expects to receive support or funding from a famous entrepreneur through our project, then, in my opinion, they are missing the essence of what is happening."