Elon Musk’s father promotes a same man who capitalizes on the surname to collect up to $ 200 million for various engineering projects, despite the apparently distant father-son duo.
Errol Musk, alongside commercial partner Nathan Browne, will officially support the “Musk IT” token with the ambitious objective of establishing the Musk Institute, a new for -profit reflection group which aims to go, by Fortune.
The Musk Institute plans to “go beyond rockets” and build flying vehicles and other scientific activities. We do not know how Elon Musk will be involved in this, if at all.
“I am the head of the family. It really started with me in our family-I have” transferred “it for years,” he told Fortune, rejecting any concern about the implementation of his Last name for this project.
The Musk Institute plans to collaborate with the nobility in water to promote innovative engineering projects, although details on the deadlines or details of the project are still to come.
A Middle East crypto company initially launched the token in December. Errol and Browne were then integrated and attached themselves after designing the idea of the Musk Institute.
Musk IT has a market capitalization of $ 25 million to this Friday, show CoinmarketCap data, with $ 79 million in negotiation volumes and a prices increase of 130% in the last 24 hours. The token was issued on the Solana Pump.fun platform, its contractual address shows, with a billion tokens in circulation.
The tokens data show 44,000 Musk IT holders and the ten main addresses hold more than 20% of the total token offer – of cumulative value of more than $ 7 million at current prices.
It went from 1 hundred to 20 cents shortly after the publication of fortune on the low liquidity and the trading volumes in mute and is back to just over 2 cents during the Asian afternoon.
However, the details of how “musk” will work, in particular its “tokenomics”, remain wrapped in mystery. Neither Errol Musk, Browne nor the Musk IT website provided detailed information on the token structure or distribution plans.
The promotion of Errol is the last of a long list of supposedly celebrity tokens, or the same, which is generally short-lived that set up the overhaul of a known personality before ending up undressing.
As such, one of the conditions presented by Errol and Browne before the partnership was that the Muscade token “cannot be a pump and a dumping ground”.
But despite the distance from Elon Musk’s projects, the Musk IT site presents several of its innovations – from a SpaceX rocket to a Tesla Cybertruck with only a “Mars base; Opening soon ”notes on the home page.
