Musk isn’t introducing a novel idea. For years, people have advocated eliminating the penny, as pennies are rarely spent as change. And since the Covid-19 pandemic, more consumers are shopping online or avoiding physical currency altogether .

Elon Musk has promised to find upward of $2 trillion in savings in a federal budget that is projected to spend $7 trillion in 2025 — and if he has to rifle through the nation’s couch cushions to do so,

Musk’s favored meme coin remains Dogecoin. While he has promoted other tokens in the past, this has led to short-term price increases – such as with Peanut the Squirrel (PNUT). However, these surges are often followed by subsequent price drops.

Pennies cost more than 3 cents each to make, which has the little round Lincoln heads in the crosshairs of Elon Musk’s new Department of

Elon Musk’s cost-cutting unit hasn’t yet made any announcements about what sort of suggestions it will make. That’s not to say there hasn’t already been plenty of drama surrounding the department. Co-chair Vivek Ramaswamy left DOGE before its official launch amid reports of tension with Musk,