In a striking public statement on his social media platform late Sunday, former President Donald Trump expressed sharp disapproval of the New York Stock Exchange's (NYSE) recent expansion into Texas. He labeled the establishment of a new exchange facility in Dallas as "unbelievably bad" for New York, indicating significant concerns about the city's financial stature.
Trump’s post did not stop at the expansion itself; he directly critiqued New York City's newly inaugurated mayor, Zohran Mamdani. Articulating a sense of disbelief at the city's allowance of the NYSE's Texas venture, Trump declared, "A big test for the new Mayor!" implying that the move reflects on the mayor’s leadership and the city’s economic direction.
The impetus for this expansion traces back to an announcement made by Intercontinental Exchange (ICE), the NYSE's parent company, in February. ICE resolved to create a secondary venue for stock listings in Texas, launching NYSE Texas officially in October 2025. Since inception, the Texas exchange has drawn ten companies seeking dual listings, among them industry players such as Halliburton (NYSE: HAL) and Trump Media & Technology Group (NASDAQ: DJT). This strategic positioning suggests a broadening of trading venues beyond the traditional New York financial district.
The NYSE's move into Texas comes as part of an evolving financial landscape characterized by shifting corporate footprints. Texas Governor Greg Abbott has cited environmental, social, and governance (ESG) policies as a motivating factor for this relocation trend, arguing that companies face undue hurdles accessing New York capital markets due to progressive policy constraints. This critique roots the expansion at the intersection of economics and regulatory ideology.
Numerous significant corporations have already migrated their domiciles or established substantial presences in Texas. For instance, Tesla, led by Elon Musk, formally reincorporated in Texas following a Delaware court dispute over Musk’s compensation package. Such maneuvers underscore a growing corporate gravitation toward the Lone Star State’s business environment.
Data from Intercontinental Exchange further illuminates the trend, noting that Texas currently hosts more NYSE-listed companies than any other state. The cohort includes heavyweight entities such as Oracle Corporation (NYSE: ORCL), Exxon Mobil (NYSE: XOM), and Chevron (NYSE: CVX). Collectively, these firms represent a combined market valuation exceeding $3.7 trillion, highlighting Texas's burgeoning role as a focal point of capital markets.
Adding to the shifting financial power dynamics, David Sacks, known for his involvement in artificial intelligence and cryptocurrency sectors and linked to Trump’s advisory circle, recently forecasted a potential realignment of the United States’ financial and technological epicenters. Sacks suggested Miami could emerge as the new finance capital, potentially supplanting New York City, especially in light of Mayor Mamdani's socialist-leaning policies, which have drawn significant criticism from Trump and others. Trump has previously denounced Mamdani with harsh ideological labels, including branding him a “communist.” The two did engage in discussions at the White House in November, focusing on economic policies affecting New York City.
These developments collectively suggest a fluid and contested landscape in the U.S. financial sector, with New York City's traditional dominance under pressure due to policy shifts, corporate relocations, and expanding alternative hubs like Texas and Miami. Trump’s pointed critique of the NYSE’s Texas expansion and the city’s leadership encapsulates a broader conversation about economic competitiveness and governance in major financial centers.