While many famous names, including Donald Trump, have recently launched their own tokens, the world's most famous entrepreneur has not yet taken action.
Despite supporting cryptocurrencies and having a large social media following, Tesla CEO Elon Musk has not issued a token bearing his name.
However, Musk's father thinks differently and has new projects.
Errol Musk, father of Tesla CEO Elon Musk, said he plans to raise between $150 million and $200 million through a token project called “Musk LT,” Fortune reported.
Elon Musk's father, Errol Musk, said in an interview with Fortune that he and his business partner Nathan Browne plan to raise between $150 million and $200 million through a token project called “Musk It.”
Errol Musk plans to use the proceeds to fund a new for-profit think tank called the Musk Institute, an idea he developed during a visit to organizations in the United Arab Emirates last December.
Errol Musk said he has no qualms about making money using his name on a memecoin that many potential buyers will associate with his famous son.
Errol admitted that the memecoin they plan to launch could be associated with his famous son Elon Musk, but stated that he did not see this as a problem.
Errol Musk, who defends his authority in his family by saying, “I am the head of the family,” stated that they did not publish a detailed token economy for the “Musk Lt” memecoin they will issue.
It has been stated that Elon Musk's already tense relationship with his father Errol Musk may worsen with the launch of the Musk Lt memecoin.
*This is not investment advice.
