(Jan 19): US President Donald Trump called a New York Stock Exchange (NYSE) equities trading outpost in Texas “an UNBELIEVABLY BAD THING” for New York and a “big test” for Mayor Zohran Mamdani, who took office earlier this month.
“I can’t believe they would let this happen,” Trump said in a post on the Truth Social site issued late Sunday in the US.
The NYSE said in February 2025 that it would reincorporate its NYSE Chicago operations in Texas and launch a fully electronic exchange in Dallas, pending regulatory filings. NYSE Texas opened for business in March, well before Mamdani became the mayor of New York.
The president’s media venture, Trump Media & Technology Group Corp, was among the first companies to show its intention to list on the NYSE’s upstart site in Texas.
The bourse is trying to shore up its competitive position ahead of the launch of the rival Texas Stock Exchange, which has won approval from the US Securities and Exchange Commission and expects to begin trading in 2026.
Led by software maker Oracle Corp, as well as oil and gas giants Exxon Mobil Corp and Chevron Corp, Texas is the headquarters of more NYSE-listed companies than any other state, representing more than US$3.7 trillion ($4.75 trillion) of market value, according to a statement in March from the exchange.
See also: US House defies Trump and votes to end his Canada tariffs
During the mayoral election campaign in 2025, Trump repeatedly assailed Mamdani — a democratic socialist who won on a progressive platform — as a “communist”, urging voters to reject his candidacy and threatening to pull government funding from New York, the president’s hometown.
The two struck a friendly tone during a White House meeting in November, telling reporters they spent most of the discussion focused on the cost of rent, groceries and utilities.
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