Latest news with #MuskInstitute
Boston Globe
20-05-2025
- Business
- Boston Globe
Gulf deal-making spree also benefited Elon Musk and his family
The terms of both deals were not disclosed. On Thursday, Bloomberg reported that SpaceX was in talks over providing internet service to Emirates Airlines, which is owned by the government. Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up Musk occupies a unique role, even for an administration that has shattered norms around governance and private deal-making. He has attended Cabinet meetings and wields incredible power to cut programs across the government -- all while operating companies that profit from federal spending and foreign contracts. Advertisement He and his family have riches at stake in the Persian Gulf, a region whose autocratic monarchies have tried to cultivate closer ties to the West. In doing so, its leaders have courted international executives, invested in big-name sports leagues or teams and at times, authorities say, bribed lawmakers and their family members. For years, Musk's companies have raised money from government-linked and regional funds in the Gulf. That includes Vy Capital, a Dubai-based firm that has backed at least five Musk-led businesses. SpaceX provides launch services for some UAE satellites, and Musk's tunneling firm, the Boring Co., inked an agreement with Dubai's transit authority in February to build a transport system under the city. Advertisement Musk said last week in Riyadh, Saudi Arabia, that he would like to see the Boring Co. work with Saudi Arabia as well. Musk joined Saudi and US officials for lunch with other business leaders last May 13. The White House invite list also included his younger brother, Kimbal Musk, whose company Nova Sky Stories recently announced agreements with Qatar and Abu Dhabi to provide a series of drone light shows. Kimbal Musk said on social media that the Abu Dhabi events would feature 10,000 drones, making them 'the world's largest' of their kind. Earlier this year, Maye Musk, the mother of Kimbal and Elon Musk, was a headliner at a government conference in the UAE. And Errol Musk, Elon Musk's father, has said he is in talks with an Emirati firm to build a Musk Tower in Dubai to house the Musk Institute, a planned technology hub. Maye and Kimbal Musk did not respond to requests to comment. In an email to The New York Times, Errol Musk said the Musk Institute he envisioned would be devoted to studying 'gravity and space-time travel.' 'The popular vision of the future seen in movies where vehicles go about up and down in the air and into space will never happen unless we solve these problems,' he wrote. Errol Musk said that Elon, with whom he has a fraught relationship, was not involved with the Musk Tower or Musk Institute. Advertisement Errol Musk has said that his support of Donald Trump in the 2016 election further strained his relationship with his sons. 'But since then, both my boys have 'seen the light,'' he wrote to the Times. He said he travels often to the UAE and late last year, he and Kimbal had lunch together there. 'We were guests of the sheikh of Abu Dhabi,' he wrote. On a trip in February, Errol Musk told Arabian Gulf Business Insight that he was working with the Al Khaili Group of Abu Dhabi to build the tower. He was seeking to raise between $150 million and $200 million through his cryptocurrency, called MuskIt. In February, the company behind MuskIt claimed its total value had reached $500 million, though as of this week, that valuation has dropped to less than $1.5 million. The Al Khaili Group could not be reached for comment, and it is unclear whether a site for the Musk Tower has been selected, or how firm the plans for construction are. Errol Musk's digital currency efforts follow in the path of the Trump family. At a major cryptocurrency conference in Dubai last month -- two weeks before Trump and Elon Musk traveled to the region -- the president's son Eric Trump took part in an announcement that a state-backed Emirati firm would use the Trump firm's digital coins for a $2 billion business deal. Matthew Hedges, a researcher at Durham University in England and an expert on the UAE security apparatus, said that Gulf intelligence services were likely to look for people within Trump's 'personalized power structure' with access to the president but who have few security checks around them, making Elon Musk and his family prime targets. Advertisement
Arab News
23-02-2025
- Business
- Arab News
Dubai's innovation hub led by Errol Musk promises a tech revolution
DUBAI: Errol Musk, the South African entrepreneur and father of Donald Trump's top adviser Elon Musk, is bringing his vision for technological innovation and decentralized growth to the UAE with the launch of Musk Tower and the Musk Institute. The project, spearheaded in partnership with the Al-Khaili Group, aims to establish a global hub for technology, renewable energy, and blockchain advancements, with the MuskIt token – $MUSKIT – playing a central role. 'On my last visit to the UAE, I was invited by entrepreneurs here to launch something that would leverage the many advantages this country offers in different areas and make use of my experience and understanding of technological issues as an electrical engineer myself,' Errol Musk told Arab News last week. The Musk Tower will serve as a physical manifestation of the Musk Institute, a 'think tank of excellence' designed to unite bright minds, investment opportunities and global influence. According to project documents, the institute will address industry challenges and global issues, providing a space where innovation can thrive and where new ideas can secure funding. A key component of the ecosystem is the MuskIt token, a digital asset intended to facilitate innovation. MuskIt holders can expect exclusive access to events, programs and conferences at the Musk Tower, as well as early investment opportunities in projects backed by the tower's crypto innovation fund. There are even potential plans being explored that could allow MuskIt holders to stake their tokens in exchange for potential shares in the Musk Tower, providing a tangible link between digital assets and real-world infrastructure. Addressing concerns about the volatility often associated with cryptocurrency, Musk said the project is committed to regulatory compliance. 'The management will make sure that all the UAE and international rules and regulations are strictly adhered to so that the token not only thrives and benefits investors but also boosts the reputation and reliability of the entire crypto industry,' he said. The tower will feature an investment fund to back early-stage crypto and blockchain projects, innovation labs for research and development, and a global partnership network connecting blockchain projects with venture capital and tech innovators. In a statement, Mubarak Al-Khaili, a partner of the Musk Tower project, said: 'The MuskIt token and Musk Tower are about creating the foundations for a new era of decentralized finance, global partnerships and technological growth. This is just the beginning of what's to come. Our goal is to create a lasting legacy that will support rising tech and empower the next generation of creators.' The Musk Institute, as envisioned under the chairmanship of Musk in project documents, will also focus on tackling real-world challenges such as water scarcity, lithium harvesting, quantum energy transfers, Internet of Things, and bringing digital connectivity and banking to Africa. Musk sees the UAE as a strategic location for nurturing the next generation of entrepreneurs and tech leaders. 'The location of Musk Tower and the Musk Institute in the UAE, an increasingly important crossroads of the world and a supporter of innovation and advanced technologies, is a strategic one,' he told Arab News. 'It will be a magnet for local and regional entrepreneurs as well as bright minds from countries like India and China which are geographically much closer to Dubai than to Europe or the US.' Musk believes that with over 50,000 current holders, the MuskIt token is more than just a meme coin; it is backed by the Musk family and will serve as the official coin of the Musk Institute.
Yahoo
31-01-2025
- Business
- Yahoo
Elon Musk's father Errol looks to monetize his famous name with ‘Musk It' memecoin: ‘I'm the head of the family'
Everyone from Donald Trump to 'Hawk Tuah girl' has launched their own crypto memecoin, but so far the world's most famous entrepreneur has yet to get in on the action. Despite pro-crypto leanings and a massive social media following, Elon Musk has resisted hawking a digital token bearing his name. Musk's father, however, has other ideas. Errol Musk, who reportedly has a fraught relationship with his son, and his business partner, Nathan Browne, told Fortune they hope to raise between $150 million and $200 million from a token project called 'Musk It.' Errol Musk explained that he plans to use the proceeds to support a new, for-profit think tank called the Musk Institute that he is founding. Memecoins, because they are cryptocurrencies without underlying value, typically tied to online jokes or personalities, are prone to sudden wipeouts that leave investors holding the bag—getting 'rugged' in crypto parlance. The senior Musk, though, says he has no qualms about monetizing his name on a memecoin that many would-be buyers will inevitably associate with his famous son. 'I'm the head of the family,' Errol told Fortune over a video call from his home in Cape Town. 'It really started with me in our family—I've been 'Musking It' for years.' Errol Musk and Browne are not the designers of the Musk It coin, which a Middle Eastern–based crypto company launched in December to little fanfare. Instead, Errol Musk explained, they approved the name and decided to partner on the token after coming up with the idea for the Musk Institute late last year. He is now ready to publicly endorse the Musk It coin. While cryptocurrency projects typically release detailed 'tokenomics' to explain their funding and how the tokens will be distributed, there is little public information about Musk It. Errol and Browne have offered few additional details. While the plans surrounding the project remain vague, Errol Musk's decision to launch a 'Musk' token could further fray his relationship with his celebrity son. Elon Musk's biographer Walter Isaacson described Errol in late 2023 as sometimes 'possessed by fantasies and conspiracies' during Elon's childhood and described his relationship with his son as estranged. When asked about this characterization, Errol Musk told Fortune the book was 'absolute rubbish' and claimed he has recently spent time with both Elon and his other son, Kimbal. Errol emphasized that neither is involved with the cryptocurrency or think tank. Representatives for Elon and Kimbal Musk did not respond to a request for comment. Like his son—who runs a staggering array of companies, including Tesla, SpaceX, and X—Errol Musk has long been an entrepreneur. The son of a cryptographer and military intelligence officer, Errol Musk studied engineering before working on building hotels and factories. He also pursued careers in politics and emerald importing, according to Walter Isaacson's biography of Elon Musk. Isaacson also describes the emotional 'scars' that Errol imparted on Elon during his childhood, including alleged verbal abuse of his sons and physical abuse of his ex-wife and Elon's mother, Maye. Maye has spoken publicly about the abuse but did not respond to a request from Fortune for comment. Errol has denied the claims. According to Isaacson, Errol's relationship with his sons became estranged after Errol impregnated his stepdaughter, Jana. 'I was actually slowly making amends with my father,' Kimbal told Isaacson, 'but then he had a child with Jana, and I said, 'You're done, you're out. I never want to speak to you again.' And I haven't spoken to him since.' Isaacson writes that Errol Musk is a 'charismatic fantasist who to this day bedevils Elon.' Their often tumultuous relationship has been referenced by Elon himself, who told Rolling Stone in 2017 that Errol was 'such a terrible human being' who 'will have a carefully thought-out plan of evil.' In the biography, which was published in September 2023, Isaacson wrote that they are estranged, with Elon taking active steps to cut off contact. Errol denied the claims, telling Fortune that his decision to launch Musk It coin was in part inspired by his son inviting him to a SpaceX launch in late 2023, where Elon told the assembled staff that his father 'taught me everything I know about engineering.' (This anecdote has not been confirmed by Elon, but the reunion was reported by The Sun.) After Errol's interview with Fortune, his business partner on the Musk Institute and memecoin, Nathan Browne, forwarded a lengthy email written by Errol disputing allegations from the Isaacson biography and other media reports, including that he is estranged from his children and that he physically abused Maye. Errol claims he and his son had a call earlier this month where Elon inquired about the project after seeing previous media reports, but Errol assured him that he was carrying out the plans on his own. Errol told Fortune his goal for Musk It is to advance his own scientific interests, including flying vehicles, by using the cryptocurrency's proceeds to fund the Musk Institute. ('We need to go beyond rockets,' Errol argued.) Elon Musk did not respond to an inquiry about whether he had knowledge of the memecoin launch. Errol said that he came up with the idea for the Musk Institute in December while visiting with organizations in the United Arab Emirates, including 'men and women of nobility across several of the emirates,' according to Errol's spokesperson. He and his partner Browne, a tech consultant, say the planned institute will assemble researchers for different engineering projects, but declined to provide a timeline for its launch. In their interview with Fortune, Errol Musk and Browne did not have a clear outline for the project's 'tokenomics,' or underlying structure. According to CoinMarketCap, the token currently has a market cap of nearly $11 million, though the website includes a disclaimer that the figure is self-reported. An associated website also does not have additional information. Browne said that one of their conditions for joining forces with the Musk It token was that 'this cannot be a pump and dump.' Errol Musk bristled at the idea that he should not be allowed to work on a 'Musk' token, even though investors will likely associate the cryptocurrency with his son, who is uninvolved in the project. 'Anybody that follows after [Elon] is not allowed to be successful because Elon is successful?' he argued. 'If anyone is relying on Elon to endorse or contribute, then I think they're missing the point,' Browne added. This story was originally featured on
