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Goldman Sachs Boss Reportedly Quits After Making Millions From Dogecoin

by : Niamh Shackleton on : 12 May 2021 18:38
Goldman Sachs Boss Reportedly Quits After Making Millions From DogecoinPA Images/elonmusk/Twitter

A senior manager at Goldman Sachs has quit after making millions from the cryptocurrency Dogecoin.

Aziz McMahon, a managing director and head of emerging market sales, has reportedly left the US investment company after working there for 14 years.

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It’s unknown how much McMahon made, but it’s believed to be a ‘substantial sum’ and was enough for him to leave his high-end banking job.

According to sources, McMahon made the investments with his own personal money and wasn’t involved in trading cryptocurrencies for Goldman Sachs.

Goldman Sachs logo on smart phone (PA)PA

Both McMahon and Goldman Sachs are yet to comment on the reports, though colleagues at the company have confirmed McMahon’s departure from the company, efinancialcareers reports. Some believe he may have left to start his own hedge fund.

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If true, McMahon’s exit comes after Goldman Sachs recently opened a cryptocurrency trading desk, going back on their previous decision to stay out of the digital coin market, The Guardian reports.

With the value of various cryptocurrencies skyrocketing this year, it was inevitable investment giants like Goldman Sachs would get involved; Dogecoin alone has risen by more than 1,000% in value of the course of 2021.

Dogecoin coin (PA Images)PA Images

In light of this, many crypto exchanges and platforms have been hiring hundreds of people, leading to some bankers to dabble in jobs in the digital coin world.

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Headhunter Kevin Cassata at Carbon Agency recently told Business Insider:

There has been a steady migration of talented programmers, quants, traders, and executives into the crypto space over the past four to five years, many of whom have come from elite banks, funds, and trading firms and are starting their own companies.

McMahon isn’t the only person to have allegedly made millions through Dogecoin, Glauber Contessoto also claims to have made a staggering amount.

Following Elon Musk’s continuous support for the meme-inspired digital coin, Contessoto invested his life savings (around $180,000) in Dogecoin in February. Two months later, he claimed to have become a millionaire after buying Dogecoin at $0.04 a piece.

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Elon Musk Dogecoin meme (elonmusk/Twitter)@elonmusk/Twitter

The 33-year old music industry worker’s decision was also apparently inspired by the Dogecoin community on Reddit.

Even the likes of Meek Mill has invested in Dogecoin. Earlier this month the All Eyes On You rapper put $50,000 towards the digital coin after he said he was ‘ tired of missing out’ on the Dogecoin hype.

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Niamh Shackleton

Niamh Shackleton is a pint sized person and journalist at UNILAD. After studying Multimedia Journalism at the University of Salford, she did a year at Caters News Agency as a features writer in Birmingham before deciding that Manchester is (arguably) one of the best places in the world, and therefore moved back up north. She's also UNILAD's unofficial crazy animal lady.

Topics: Life, cryptocurrency, Dogecoin, Investment, Millionaire, Technology

Credits

The Guardian and 1 other
  1. The Guardian

    Goldman Sachs executive quits after making millions from Dogecoin

  2. Efinancialcareers

    Goldman Sachs London MD said to quit after making a fortune on Dogecoin