Former President Donald Trump has lashed out at the New York Stock Exchange’s expansion to Dallas, calling the move an “unbelievably bad” development for New York in a fiery social media post that has ignited debate about the shifting landscape of America’s financial centers.
“Building a ‘New York Stock Exchange’ in Dallas is an unbelievably bad thing for New York,” Trump wrote on his Truth Social platform. “I can’t believe they would let this happen. A big test for the new mayor!”
Texas Welcomes Wall Street’s Migration
Dallas Mayor Eric Johnson didn’t miss a beat in responding to Trump’s comments, essentially agreeing with the assessment while celebrating what he sees as a win for his city. “President Trump is right! New York City’s financial institutions moving to Dallas isn’t good for New York, but it’s now inevitable,” Johnson stated in comments to media outlets.
The NYSE Texas, which launched in 2025, operates as a fully electronic equities exchange based in Dallas. It effectively reincorporates NYSE Chicago in the Lone Star State, broadening the iconic exchange’s national footprint and specifically targeting companies based in the South.
But what’s driving this financial exodus from Wall Street to the Southwest? According to Johnson, it’s a matter of policy and taxation. “New York has a mayor who is openly hostile towards the business community and is pushing for higher taxes on job creators,” he claimed. “As a result, I predict an avalanche of Wall Street firms moving to Dallas.”
A Growing Financial Hub in the Lone Star State
The NYSE isn’t alone in its Texas expansion. Nasdaq established a regional headquarters in Dallas in March 2025, serving more than 2,000 financial institutions, including 800 in Texas alone and over 200 listed companies with a combined market value of $1.98 trillion, according to reports.
Even more significant, perhaps, is the approval of an entirely new exchange. The Texas Stock Exchange (TXSE) has received regulatory approval to launch in Dallas in 2026, with backing from financial powerhouses BlackRock and Citadel. The exchange aims to focus on smaller and mid-sized companies looking for public listings.
“Texas has really become a leader in where you can do business,” said a TXSE representative at a University of Texas panel discussion. “That is why there is the Texas stock exchange. We couldn’t do this in Oregon or in Nebraska,” they added.
Ironically, Trump’s own business interests appear to be straddling both financial worlds. Trump Media & Technology Group has reportedly added a dual listing on NYSE Texas under the ticker DJT while maintaining its primary listing on Nasdaq, according to information from the Texas Stock Exchange website.
A Shifting Financial Landscape
Is this the beginning of the end for New York’s financial dominance? That might be overstating things, but the trend is unmistakable. Companies like Tesla have already relocated their headquarters to Texas, drawn by the state’s business-friendly reputation, lower tax burden, and reduced regulatory environment.
The NYSE Texas builds upon the exchange’s 230-year history while representing a significant geographical shift. It’s been described as a fully electronic equities exchange designed to serve companies throughout the southern United States.
While New York remains the undisputed financial capital of America, the ground appears to be shifting. For Dallas, it’s an opportunity to cement its growing reputation as a business destination. For New York, it represents yet another challenge to its long-held status as the epicenter of American finance — one that even a former New York businessman turned president seems concerned about.
