Key takes
- ERROL MUSK plans to raise up to $ up to $ 200 million through Memecoin called “MUSK IT” to provide funds to the think tank.
- Elon Musk has not been involved or supported by his father's “mask it” project.
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The Erol Mask, the father of the Technology Mogul Eulon Mask, provides funds to the newly -profited think tank, Musk Institute, to procure $ 150 million to $ 200 million through Musk IT. I plan to do it.
The institute focuses on engineering projects, including progress beyond rocket technology, as suggested by Erol. Elder masks and his business partner Nathan Brown cooperated with a cryptographic company in the Middle East, which launched the token in December.
“I am the family's head,” said Fortune. “It's really our family. I have been proud of it for many years.” “
ELON MUSK did not support or participate in the project. According to Erol, his son asked about the project after seeing media reports, but Erol guaranteed him to pursue the plan independently.
According to CoinmarketCap data, Musk IT token (Muskit) doubled its market capitalization to about $ 23 million, following the Fortune report. The value of the token rose almost 1,500 % on Thursday evening, rose from $ 0.014 to $ 0.2 and returned to $ 0.02.
His volatility, often linked to jokes and personality on the Internet, is a high -risk investment. The lack of detailed information about “MUSK IT” caused concerns. The claimed official website does not provide a de facto detailed details. Also, there is little information about the tonamics.
Both Eror and Brown do not provide a clear answer to the structure of the token or the intended use beyond providing funds to the think tank. Brown stated that one of the conditions for participating in the project was “this is not a pump or dump.”
Senior masks have also rejected concerns about the use of surnames in encryption projects that investors could associate with famous sons. “The person who follows [Elon] Is it allowed to succeed because Eron is successful? He said.
“If someone relys on Elon to support or contribute, they think they'll miss the points,” brown added.
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