Dogecoin Made Him Millions, So He Quit His Job At Goldman Sachs

Investing in Dogecoin has made one Goldman Sachs executive millions of dollars, so he recently quit his job at the banking firm.

Aziz McMahon, a managing director at Goldman Sachs, who had been with the London division of the company for 14 years, according to his LinkedIn profile, left the company after profiting millions in a Dogecoin investment, as reported by eFinancialCareers.

Sources at Goldman Sachs told eFinancialCareers that McMahon may be starting his own hedge fund.

The news of McMahon’s departure comes as Dogecoin surged up more than 12,000% since Jan. 1, only falling after cryptocurrency backer Tesla CEO Elon Musk appeared on “Saturday Night Live,” where he called the currency “a hustle,” the New York Post reported.

Goldman Sachs confirmed to Business Insider that McMahon had left the company but did not provide a reason for his departure.

Dogecoin has grown in popularity in recent months after gaining support, most notably from Musk, who has been known to seemingly send the price of the cryptocurrency surging with his tweets.

The Shiba Inu mascot coin has also been backed by celebrity influencers such as entrepreneur Mark Cuban, rapper Snoop Dogg, and KISS frontman Gene Simmons.

Dogecoin was reported to have a market capitalization near $65 billion on Tuesday, according to CoinGecko.

As of Tuesday afternoon, Dogecoin was priced at 50 cents, according to CoinMarketCap.

McMahon is not the only executive from Goldman Sachs to leave due to cryptocurrency interests.

On Tuesday, eFinancial also reported that Benoit Bosc, a former oil trader at the company’s New York division, also left the company to join GSR, an institution market maker for digital assets, as marketing director of sales and structuring.

Michael Daffey also left Goldman Sachs to become chairman of bitcoin-based bank Galaxy Digital in April, the news outlet said.