Elon Musk’s Dad Seeks $200 Million For Think Tank Via “Musk It” Meme Coin That’s Soared 512%

Errol Musk, the father of Tesla and SpaceX founder Elon Musk, is backing a meme coin project by the name of “Musk It” to raise $150 million to $200 million for the launch of a for-profit think tank called the Musk Institute.

That’s according to report in Fortune that’s based on an interview with Errol Musk and his business partner, Nathan Browne. 

The Musk It meme coin surged 512% in the past 24 hours to reach a market capitalization of $66 million after news of the endorsement by Errol Musk broke.

It’s trading at $0.06902 as of 9.27 a.m. EST, 28% below it’s all-time high reached earlier in the period, according to CoinGecko.

Errol Musk and his business partner are not the creators of the Musk It token, which was quietly launched by a Middle East-based company last month.

Musk, who has a strained relationship with his billionaire son and other members of his family, also said Elon Musk is not associated with the project in any capacity.

Errol Musk

Errol Musk Says New Institute Will “Go Beyond Rockets”

The planned Musk Institute would collaborate with nobility in the United Arab Emirates (UAE) to foster an array of innovative engineering projects, and Errol Musk said it will “go beyond rockets” and build flying vehicles as well as pursue other scientific endeavors. 

He dismissed any concerns about leveraging his surname for the project, telling Fortune that he has been “‘Musking It’ for years.” He said that he is the “head of the family,” and also added that he is the original innovator in the family.

Related Articles:

  • ECB President Christine Lagarde Rejects Bitcoin As Reserve Asset
  • Best Wallet Hurtles Past 250K Monthly Users 
  • Wall Street Pepe Token Presale Selling Out Fast

Comments

Post a Comment

Popular posts from this blog

Uniswap Labs Launches ‘Biggest Bug Bounty in History’ To Find Vulnerabilities in DEX

The firm behind the largest decentralized exchange (DEX) by trading volume is launching a $15.5 million bug bounty of historic proportions. According to a new announcement from Uniswap Labs, the bug bounty aims to identify potential holes in Uniswap V4’s core contracts. Uniswap V4 is set to be the latest version of the DEX. According to the announcement, Uniswap V4 introduces “hooks”, which Uniswap defines as “contracts that developers can create to customize how pools, swaps, fees, and LP (liquidity pool) positions interact” that allow new Features to be added to the DEX. In two posts to the social media platform X, Uniswap says it is looking for “critical” bugs for the bounty, though “critical” remains largely undefined. “Introducing the largest bug bounty in history We’re rewarding up to $15.5M to anyone that finds a critical vulnerability in v4 core contracts Find a critical bug, become a m...
Read more

Bitcoin breaks $57,000 to reach within 20% of all-time-high

Bitcoin breaks $57,000 as BlackRock’s IBIT hits record with $1.3 billion BTC could reach or break past its all-time high before the halving Bitcoin’s pre-halving rally has seen the bellwether crypto reach $57,000, pushing to within just 20% of its all -time high of $69,000 in 2021. After break ing past the $54,000 level, Bitcoin price extended its gains to above $57k late Monday. On Coinbase, BTC rose to $57,250, with total short liquidations reach ing $271 million. Bitcoin accounted for $189 million of the liquidated shorts. Ethereum’s surge to highs of $3,280 also saw over $67.8 million shorts liquidated. However, altcoins were largely spectators to Bitcoin’s bullish show. Market intelligence platform Santiment shared this on X Tuesday morning. “#Bitcoin has now scratched its way to a market value as high as $57,250, reaching within 19.9% of the $68.6K high established 27 months ago. Now at a pivotal moment, traders...
Read more

Polkadot And Deloitte Integrate KILT Identity Blockchain

Image
One of the largest accounting companies in the world is joining the Polkadot community. Polkadot said that Deloitte Switzerland will use its parachain KILT blockchain technology to issue digital identities that can be used more than once. This will help with the KYC and KYB processes. With this move, Deloitte is the latest big enterprise partner to join the Polkadot ecosystem. The digital credentials in question will have a wide range of uses, such as meeting regulations for banking and decentralized finance (DeFi), proving your age for online shopping, logging in privately, and collecting money. Deloitte-KILT Integration The official blog post said that reusable KYB and KYC credentials, which are made on KILT’s identity infrastructure, solve the problems that come with giving the customer power and flexibility. Since credentials are saved in the wallet on the client’s own device, the client stays in charge and can decide with whom to share their cre...
Read more