A Goldman Sachs managing director has reportedly quit after raking in huge gains from dogecoin

A Goldman Sachs managing director has reportedly quit after raking in huge gains from dogecoin

A Goldman Sachs managing director has reportedly quit his job after making millions of dollars in profit from the meme currency dogecoin, according to a report from on Monday. The executive, Aziz McMahon, has been with the bank's London bureau for 14 years, according to his . Goldman confirmed McMahon's departure but did not provide a reason why. McMahon did not immediately respond to Insider's request for comment. Sources told that he may be starting a hedge fund. Dogecoin, a token that started as a joke in 2013, has skyrocketed 10,300% year-to-date, thanks in part to well-known backers such as , , . Due to its wild price swings, many have reported profiting from the meme token, mostly younger retail investors with higher risk appetite. Many have reported . As investors pump more cash into dogecoin, the Shiba Inu-themed token is now the world's fifth-largest cryptocurrency by market capitalization, hovering at $63 billion, . , after Musk's , during which he called the meme token a "hustle." He also said it's " " as a dollar bill and predicted it will "take over the world." It is unclear what McMahon will do but many executives from traditional banking and finance