The father of Elon Musk entered the cryptographic space with his play of memes “Musk It”.
Errol Musk and Nathan Browne, his trading partner, said Fortune They hoped to raise 150 to 200 million dollars of the project, the product of which would go to finance a new reflection group, the Musk Institute.
Nowsweek contacted Errol Musk to comment by e-mail.
Why it matters
Elon Musk is the richest man in the world And a key actor to the president Donald TrumpSecond administration. While Errol Musk is trying to take advantage of this celebrity, he joined a growing list of figures that have sought to monetize their fame or notoriety thanks to Crypto -focused companies – including “Hawk Tuah Girl” Haliey Welch,, Donald Trump and the first lady Melania Trump.
However, experts warn that the same parts – volatile digital assets without utility inherent inherent and inspired by internet trends – create ripe conditions for “pumping and discharge” or “carpet fire” diets, in which Small groups of investors artificially inflate the value through the threshing to remove and leave most of the holders at a loss.
Gianluigi Guercia / AFP via Getty Images
What to know
In an article published Thursday, Errol Musk said Fortune That his sons Elon and Kimbal Musk were not involved in the new company or the institute that it is intended to support, but that Elon had called it earlier this month to ask questions about the project.
The Musk Institute’s reports surfaced for the first time in December. Middle East financequoting the comments Errol Musk made to Arab company In an article now deleted, said the project would be built in Dubai and aimed to modify the “Brain Durning” of the United Arab Emirates.
“Dubai is at the heart of the world, and we wanted to build a science academy to keep the biggest and most crazy minds, giving them a chance,” said Errol Musk Arab company.
The musc it, which Fortune Reported was launched in December by a “cryptographic company based in the Middle East”, has increased by more than 500% since the point of sale published its article.
At 9:30 a.m., the part was estimated at around 7 cents, with a market capitalization of $ 72 million and more than $ 88 million in trades in the last 24 hours.
After the launch of the coin $ Trump before the inauguration, Yesha Yadav, a dean partner and a Milton R. Underwood law professor at Vanderbilt University and a former legal advisor to the World Banksaid Nowsweek The fact that the coins, in particular those based on ephemeral jokes or internet trends, posed a risk for the perception of the broader cryptographic industry and the future hopes of the “regulatory reform”.
What people say
Errol Musk says FortuneAsked about the motivation to monetize the name made famous by his son: “I am the head of the family. It really started with me in our family – I have” transferred “it for years.”
Yadav said Nowsweek January 21: “(Crypto) may well be concerned with momentum towards the institutionalization of cryptography and the slowness that slows down, where coins end up receiving most of the oxygen from the attention of the attention of public and politicians. “
What happens next
The construction of the Musk Institute should start in 2025, according to Middle East finance.
Several accounts focused on the crypto, for their part, promote the Musk IT token on X, and the play continues a regular trajectory upwards in Coinmarketcap.
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