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Goldman Sachs Executive Reportedly Resigns After Making Millions Investing in Dogecoin

Goldman Sachs Executive Reportedly Resigns After Making Millions Investing in Dogecoin
A Goldman Sachs executive has reportedly resigned from the investment bank after he made a fortune investing in dogecoin.

Aziz McMahon, a managing director at Goldman Sachs in the U.K., has resigned from the investment bank. Goldman confirmed McMahon’s departure to Business Insider but did not provide a reason. However, Efinancialcareers reported that the executive’s departure followed him making millions of dollars investing in dogecoin, noting that he may be starting a hedge fund.

The price of dogecoin is currently $0.4741, having risen significantly over the past months. It peaked at $0.6873 on May 6 before Elon Musk’s Saturday Night Live (SNL). It has risen more than 27% this month and more than 720% since the beginning of April, based on data from markets.Bitcoin.com. Since the beginning of the year, the price of the meme cryptocurrency has risen about 4,548%.

Recently, another dogecoin investor said that he became a millionaire within two months of investing in DOGE. He said he started investing in the meme cryptocurrency after being inspired by the Tesla CEO, Elon Musk.

The meme cryptocurrency has garnered support from a growing number of celebrities. Musk calls himself the Dogefather and most recently conducted a Twitter poll asking his followers whether they want Tesla to accept dogecoin. Meanwhile, Shark Tank star Mark Cuban’s NBA team, the Dallas Mavericks, has been accepting the cryptocurrency for payments.

A number of executives at banks and investment banks have left their traditional finance jobs to join crypto companies. Last week, John Dalby, former CFO of Ray Dalio’s Bridgewater Associates, the world’s largest hedge fund, joined bitcoin investment firm, the New York Digital Investment Group (NYDIG).

A former senior analyst at Bank of America, Luyi Zhang, has joined Coinbase as a senior software engineer. Former executive director at Nomura Jesse Bornstein recently became VP of institutional sales at Stakehound.

About the author

Smriti Rajan

Smriti Rajan comes from a political science and literature background, having an immense passion for writing across varied topics. She has written several articles and blogs for diverse audiences worldwide. She has produced several research publications, policy frameworks, and opinion pieces for think tanks, government institutions and corporates. Alongside this, she writes for a large Fortune 500 clientele and is a key contributing writer for Wikistrat on their EMEA desk. Currently, she resides in India.