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 .

The savings from eliminating the cent might seem like small change, but every penny counts in dealing with the U.S. fiscal deficit.

Boosted by strong demand and company forays into health care and digital transformation of government, Amazon stock moves into buy range.