Elon Musk's Department of Government Efficiency aims to cut U.S. penny production costs, sparking debate on currency reform.

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Musk's response to the accusations has included the complaint that the "legacy media" is trying to cancel him.

It’s unclear if Musk was singling out Loomer. X has not returned a request for comment.

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Banks are hoping to sell the X debt at around 90 to 95 cents on the dollar.

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A penny-pinching tactic proposed by Elon Musk's Department of Government Efficiency could be getting rid of the penny itself.