President Donald Trump has slammed a recent expansion into Texas by the New York Stock Exchange as “unbelievably bad” for the Big Apple.
“I can’t believe they would let this happen,” Trump wrote in a post on Truth Social, adding that it was a “big test” for New York Mayor Zohran Mamdani.
The move was announced last February by Intercontinental Exchange, the parent organization of the NYSE, with operations commencing at the new Dallas headquarters by the end of March 2025.
NYSE Texas was previously the Chicago Stock Exchange, which operated independently until it was acquired by Intercontinental in 2018. At the time, it was renamed NYSE Chicago, and subsequently became NYSE Texas following its reincorporation in Dallas last year.
“As the state with the largest number of NYSE listings, representing over $3.7 trillion in market value for our community, Texas is a market leader in fostering a pro-business atmosphere,” said Lynn Martin, President, NYSE Group, in a press release at the time announcing the move.
“We are delighted to expand our presence in the Lone Star State, which plays a key role in driving our U.S. economy forward.”
Intercontinental touted the move as delivering a “listing exchange to companies incorporated in both Texas and around the world that are attracted to Texas’ growing population, strong economy and business-friendly regulatory agenda.”
NYSE Texas functions as a fully electronic equities exchange.
It was not immediately clear what had drawn Trump’s attention to the NYSE’s Dallas expansion, although as a New York native, he has long shown a close interest in the city’s affairs.
Last Thursday, January 15, several Trump-related products were launched on the NYSE, including five exchange-traded funds tied to Truth Social, Trump’s social media platform that has since expanded to include a nuclear fusion energy company and various financial services products.
It was likewise unclear what action Trump expected from Mamdani. The mayor has no oversight of the city’s stock exchange; it is primarily regulated by the U.S. Securities and Exchange Commission, which is a federal body.
Trump surprised many when he predicted that Mamdani would be a “really great mayor” following a meeting between the pair in the Oval Office last November. At the time, Mamdani described the meeting as “productive” and focused on his and Trump’s “shared admiration and love” for New York City.
The pair have publicly disagreed since, with Mamdani publicly criticizing Trump's strikes on Venezuela, but the commander-in-chief has so far avoided directly attacking New York’s new administration.
Mamdani’s office did not immediately respond to the president’s claim that the NYSE’s Texas expansion represented a “big test” for the new mayor.
The White House and NYSE were also approached for additional comment.
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