- A Goldman Sachs executive has reportedly quit after making millions of dollars from dogecoin, according to eFinancialCareers.
- Goldman Sachs and the former employee did not immediately respond to Insider’s request for comment.
- Sources cited in the report said he may be starting a hedge fund.
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A Goldman Sachs managing director has reportedly quit his job after making millions of dollars in profit from the meme currency dogecoin, according to a report from eFinancialCareers on Monday.
The executive, Aziz McMahon, has been with the bank’s London bureau for 14 years, according to his LinkedIn profile.
Goldman confirmed McMahon’s departure but did not provide a reason why. McMahon did not immediately respond to Insider’s request for comment.
Sources told eFinancialCareers that he may be starting a hedge fund.
Dogecoin, a token that started as a joke in 2013, has skyrocketed 10,300% year-to-date, thanks in part to well-known backers such as Elon Musk, Mark Cuban, rapper Snoop Dogg, and Kiss member Gene Simmons.
Due to its wild price swings, many have reported profiting from the meme token, mostly younger retail investors with higher risk appetite. Many have reported seeing thousands of dollars in profits from investing in the token.
As investors pump more cash into dogecoin, the Shiba Inu-themed token is now the world’s fifth-largest cryptocurrency by market capitalization, hovering at $63 billion, according to CoinGecko.
Over the weekend, dogecoin tumbled 30% after Musk’s Saturday Night Live appearance, during which he called the meme token a “hustle.” He also said it’s “as real” as a dollar bill and predicted it will “take over the world.”
It is unclear what McMahon will do but many executives from traditional banking and finance institutions have jumped to the cryptocurrency space, from former Bridgewater Associates CFO John Dalby joining crypto firm NYDIG to former chairman of the US Commodity Futures Trading Commission Christopher Giancarlo joining crypto financial services firm BlockFi.
