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This Goldman Sachs director quit after he snagged Dogecoin

Goldman Sachs London office’s managing director made millions off Dogecoin, reports say

An illustration of coins in a dog bowl.
An illustration depicts coins in a dog bowl, symbolizing the cryptocurrency Dogecoin.
Illustration by Alex Cochran, Deseret News

Aziz McMahon, the managing director at Goldman Sachs London office, has reportedly left Goldman Sachs after he struck gold — well, technically he struck Doge — because of Dogecoin, according to Fortune.

  • A Goldman spokesperson told Fortune that McMahon left the company. But Goldman did not offer any other details about McMahon’s departure.
  • A separate report from eFinancialCareers said he left Goldman Sachs after he earned millions from his investment into Dogecoin.

Per Fortune, it’s still unclear if McMahon left because of Dogecoin earnings. But, if he did, he likely cashed in after Tesla CEO Elon Musk’s appearance on “Saturday Night Live.” Dogecoin suffered a 30% drop in value after “SNL” aired.

Does this mean Dogecoin can make you money?

For every McMahon, there are also other people who invested money in Dogecoin and didn’t sell before “SNL” aired, meaning they lost 30% of their investment. That’s why Yahoo! Finance suggests people should only invest in Dogecoin if they’re willing to handle the volatile market.

  • “While it has gained incredible traction lately as well as celebrity endorsements, including Mark Cuban and Snoop Dogg, just like any other crypto, it’s extremely volatile. If you’re planning on investing in it, you should be ready to stomach wild swings,” according to Yahoo! Finance.