President Donald Trump has voiced strong opposition to the expansion of the New York Stock Exchange (NYSE) into Texas, branding it as “unbelievably bad” for New York.
Trump took to Truth Social late Sunday to criticize the NYSE’s move to establish a new exchange in Dallas, Texas, as a severe blow to New York’s financial status.
He also targeted the new Mayor of New York City, Zohran Mamdani in his post and said, “I can’t believe they would let this happen. A big test for the new Mayor!”
The NYSE’s parent company, Intercontinental Exchange (ICE), had announced Texas as a secondary listing venue in February. NYSE Texas commenced operations in October 2025 and has since attracted 10 companies, including Halliburton (NYSE:HAL) and Trump Media & Technology Group (NASDAQ:DJT), for dual listings.
Texas, Miami Challenge NYC’s Financial Lead
The NYSE’s expansion into Texas marked a significant shift in the U.S. financial landscape as major companies increasingly gravitated toward the Lone Star State.
Texas Gov. Greg Abbott said ESG policies helped spur interest in a Texas-based exchange, arguing companies shouldn’t be shut out of New York capital markets due to left-leaning policies. The state has already drawn major firms, including Tesla (NASDAQ:TSLA), which reincorporated in Texas after a Delaware court dispute over Elon Musk‘s pay package.
According to the InterContinental Exchange, Texas hosts more NYSE-listed companies than any other state, led by Oracle Corp (NYSE:ORCL), Exxon Mobil (NYSE:XOM), and Chevron (NYSE:CVX), totaling over $3.7 trillion in market value.
At the same time, Trump’s AI and Crypto czar, David Sacks, recently predicted a major shift in the U.S. finance and tech capitals, with Miami potentially replacing NYC as the finance capital.
This prediction came amid the assumption of office by Mamdani and the potential implementation of his socialist policies, which have drawn criticism from several quarters, including Trump, who previously called the NYC Mayor a “communist.” The two had met at White House in November to discuss policies impacting the welfare of NYC.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
