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President Donald Trump blasted plans to expand the New York Stock Exchange to Dallas, calling the move “unbelievably bad” for New York and a failure of city leadership.
“Building a New York Stock Exchange in Dallas is an unbelievably bad thing for New York. I can’t believe they would let this happen,” Trump wrote in a Truth Social post. He added that the move posed a “big test” for New York’s newly inaugurated mayor, Zohran Mamdani.
Mamdani’s office did not immediately respond to FOX Business’ request for comment.
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Dallas Mayor Eric Johnson said the opening of the stock exchange in Texas is “excellent” for the city and the country.
“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 told FOX Business in a statement.
“I’ve said it before and I’ll say it again: Dallas is America’s first Sanctuary City from Socialism,” he added. “Our financial services sector has been steadily growing for years, and now business leaders from across the country—and especially in New York—clearly see that Dallas embodies the future of free enterprise and the American dream.”
Johnson previously told FOX Business that he expects to see a surge of financial firms relocate from the Big Apple to the Lone Star State.
“New York has a mayor who is openly hostile towards the business community and is pushing for higher taxes on job creators,” Johnson said. “As a result, I predict an avalanche of Wall Street firms moving to Dallas.”
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That trend is already visible in migration patterns across the country.
Texas and Florida have emerged as clear winners as businesses and residents move toward lower-tax, less-regulated red states, while blue-state leaders grapple with the fiscal and political consequences of capital flight.
Between 2012 and 2022, California recorded a net loss of more than 361,000 residents to Texas, carrying roughly $21 billion in taxable income.
The pattern is even more pronounced on the East Coast. Over the same period, more than 380,000 New Yorkers relocated to Florida, taking an estimated $37 billion in taxable income with them.
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The New York Stock Exchange has said the planned Dallas expansion, a fully electronic equities exchange, is intended to broaden its footprint and better serve companies in the South and Southwest, not to replace its New York operations.
The new exchange, known as NYSE Texas, is expected to operate as a reincorporation of NYSE Chicago, allowing companies to list and trade shares electronically while maintaining primary listings elsewhere.
In addition, Dallas also welcomes the Texas Stock Exchange, which plans to begin trading in 2026.
Meanwhile, Nasdaq has also expanded its presence in the state, already listing more than 200 companies based in Texas.
