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May 15, 2021, 10:08 a.m. EDT

A Goldman Sachs boss has reportedly quit after making millions on dogecoin

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By Rupert Steiner

A Goldman Sachs managing director has left the investment bank after reportedly making millions investing in cryptocurrency dogecoin /zigman2/quotes/226077044/realtime DOGEUSD +6.89% .

A spokesman for Goldman /zigman2/quotes/209237603/composite GS -0.0028% confirmed Aziz McMahon, a managing director and head of emerging market sales based in London, has left the investment bank where he has worked for 14 years. But the spokesman told MarketWatch he had no knowledge of the investment in dogecoin.

Read: Biggest risk for crypto? ‘Its own success,’ says founder of world’s largest hedge fund Ray Dalio

The Guardian newspaper reported McMahon made the money investing on his own personal account and wasn’t involved in trading cryptocurrencies for Goldman Sachs. While not much is known about the amount McMahon reportedly made, the newspaper cites unnamed sources claiming it was a “substantial sum.”

It is thought McMahon, who says he studied at Trinity College Dublin on LinkedIn, may be starting a hedge fund, according to efinancialcareers, which was first to report the story .

McMahon has been contacted for comment.

Read: Dogecoin price flops as Elon Musk hosts ‘Saturday Night Live’

Dogecoin is a cryptocurrency, like bitcoin /zigman2/quotes/31322028/realtime BTCUSD +2.83% , but it was started as a joke and named after a dog meme. It fell by up to 35% at one point over the weekend after a highly anticipated appearance by crypto fan Elon Musk, the Tesla /zigman2/quotes/203558040/composite TSLA +0.46% chief executive, on the “Saturday Night Live” television show.

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US : U.S.: Nasdaq
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