Goldman Sachs Managing Director Leaves Company After Big Crypto Payout

Julija A. Image
ByJulija A.
May 13,2021

It seems that even the head honchos at Goldman Sachs invested into Dogecoin this year. The “joke” cryptocurrency and its huge price hike was reportedly the reason why Aziz McMahon called quits at the investment banking company.

McMahon departed the company suddenly, but not after cashing out on the meme crypto everyone has been talking about recently. The news of McMahon’s departure came from an update on his LinkedIn profile, followed by an official confirmation to the press by a Goldman Sachs representative. How much cash the former director amassed from selling his coins is unknown, but it obviously was more than enough to leave a high-paying job at one of the top banks. Maybe mister McMahon expected the Dogecoin would crash right after Elon Musk debuted at Saturday Night Live. At least he won’t be needing a bad credit loan to continue his career.

Dogecoin is definitely the hotness of the year, at least in the crypto world. Originally created as an extension of an internet meme, it was never supposed to take off. That, of course, couldn’t stop the crypto enthusiasts to amass millions of these coins and, in time, Dogecoin became equal with Ether, Litecoin, and other alt coins. Still, it never really was expensive to purchase, floating at just $0.05. But, when Elon Musk and other influential people started promoting it, everyone jumped on the hype train trying to get Dogecoin value “to the Moon,” which led to a price increase of more than 10,000%. When the aforementioned episode of SNL aired, the overwhelming negative reception to the episode and collective sigh at Musk’s acting performance plunged Dogecoin’s value by a huge margin. The coin is stabilizing now, but it’s far from its highest price.

Back to McMahon, the future endeavours of former Goldman managing director are still unknown. A rumor suggests he might be starting his own hedge fund, but at the time of writing this piece there weren’t any solid proofs to support that claim. Whatever his next step is, there’s no doubt internet sleuths will immediately report about it.

About the author

Julia A. is a writer at SmallBizGenius.net. With experience in both finance and marketing industries, she enjoys staying up to date with the current economic affairs and writing opinion pieces on the state of small businesses in America. As an avid reader, she spends most of her time poring over history books, fantasy novels, and old classics. Tech, finance, and marketing are her passions, and she’s a frequent contributor at various small business blogs.

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