President Donald Trump has publicly criticized the New York Stock Exchange’s (NYSE) expansion into Texas, labeling it “unbelievably bad” for New York’s financial standing. In a post on Truth Social, Trump expressed his disbelief that the NYSE would establish a new exchange in Dallas and called it a significant setback for the city, suggesting it reflects poorly on newly elected Mayor Zohran Mamdani, posing it as a substantial challenge for his administration.
The NYSE’s parent company, Intercontinental Exchange (ICE), announced in February its plan to introduce Texas as a secondary listing venue. Operations for NYSE Texas commenced in October 2025, attracting ten companies—including Halliburton and Trump Media & Technology Group—for dual listings.
This expansion into Texas signifies a notable transformation in the U.S. financial environment, as numerous prominent companies are increasingly relocating to the state. Texas Governor Greg Abbott has indicated that environmental, social, and governance (ESG) regulations in New York are prompting firms to explore alternatives. Notably, companies like Tesla have also moved their headquarters to Texas, following disputes in New York.
As the number of NYSE-listed companies in Texas continues to grow, this shift raises questions about the long-term financial dominance of New York City. David Sacks, a key figure in Trump’s administration, has even suggested that Miami could emerge as the new financial capital of the U.S., particularly in light of Mamdani’s policies, which have drawn both interest and skepticism.
Why this story matters: The proposed expansion significantly impacts New York City’s financial landscape and may alter investor perceptions.
Key takeaway: The NYSE’s move to Texas reflects a growing trend of companies seeking business-friendly environments.
Opposing viewpoint: Critics argue that the expansion could diminish New York’s status as a financial hub, suggesting that policies should adapt to retain major firms.
