- A Goldman Sachs executive quit after making millions from dogecoin, eFinancialCareers reported.
- The former employee did not immediately respond to Insider’s request for comment.
- The report said he might be starting a hedge fund.
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A Goldman Sachs managing director quit after making millions of dollars in profit from the meme currency dogecoin, eFinancialCareers reported 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. McMahon did not immediately respond to Insider’s request for comment.
Sources told eFinancialCareers that he might be starting a hedge fund.
Dogecoin, a Shiba Inu-themed token that started as a joke in 2013, has skyrocketed by 10,300% year-to-date, thanks in part to well-known backers such as Elon Musk, Mark Cuban, the rapper Snoop Dogg, and the Kiss member Gene Simmons.
Because of dogecoin’s wild price swings, many people have reported profiting from the meme token, mostly younger retail investors with a higher risk appetite.
As investors have pumped more cash into dogecoin, the token has become the world’s fifth-largest cryptocurrency by market capitalization, hovering at about $63 billion on Monday, according to CoinGecko.
Over the weekend, dogecoin tumbled by 30% after Musk’s “Saturday Night Live” appearance, during which he called the meme token a “hustle,” said it was “as real” as a dollar bill, and predicted it would “take over the world.”
It’s unclear what McMahon will do, but several executives from traditional banking and finance institutions have jumped to the cryptocurrency space: John Dalby, Bridgewater Associates’ chief financial officer, joined the crypto firm NYDIG, while Christopher Giancarlo, the former chairman of the US Commodity Futures Trading Commission, joined the crypto financial-services firm BlockFi.