The boss of THG has branded the London Stock Exchange 'incredibly tough place' to build a technology business as he backed Arm's decision to pursue a US-only stock market listing this year.
Mr Moulding made the comments on LinkedIn after the Cambridge-based technology firm dealt a blow to the UK markets.
The plans from the company, owned by Japanese investment giant SoftBank, come despite heavy lobbying by successive prime ministers and cabinet members.
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SoftBank and Manchester-headquartered technology and online retail giant THG have previously been involved.
In January, Rishi Sunak reportedly restarted talks with SoftBank to persuade it to list the computer chip maker in London.
Arm indicated it could still look at an additional UK listing in the future but provided no further details.
On Friday, bosses at Arm , which designs chips used in almost every smartphone, stressed that it will continue to expand and invest in the UK.
Mr Moulding said: "The UK is a fantastic place to build a business. I have been blessed to be born in a country where entrepreneurism is in the very DNA of the country.
"I’ve no doubt a lot of mine and THG's success is down to this, with the UK and US two of the very best places to start a business.
"However, I’ve learnt that the LSE is an incredibly tough place to build a tech business. We have a truly thriving private sector for building out tech businesses, but it doesn’t easily translate into the public markets.
"It might not be a popular view, but I do understand today’s announcement by SoftBank to list Arm in the US.
"Arm will always be a UK tech giant, something the country can be incredibly proud of. Let’s hope it's US listing is a massive success and goes on to create many thousands more jobs in the UK."
Arm's chief executive Rene Haas said: "After engagement with the British government and the Financial Conduct Authority over several months, SoftBank and Arm have determined that pursuing a US-only listing of Arm in 2023 is the best path forward for the company and its stakeholders."
The move is the latest blow to London, where Arm was listed until it was snapped up by SoftBank for £24.6bn in 2016.
SoftBank last year decided it would seek to float the business back on the stock market after a £33.4bn takeover by US firm Nvidia was blocked over competition concerns.
The listing plans come a day after building materials giant CRH revealed it is planning to shift its main stock market listing from London to New York.
CRH, which is headquartered in Dublin and valued at more than £30bn, said: "We have now come to the conclusion that a US primary listing would bring increased commercial, operational and acquisition opportunities for CRH."
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