Trump Criticizes NYSE Dallas Expansion as ‘Unbelievably Bad’ for New York
Dallas Mayor Eric Johnson predicts big firms will quit working in the Big Apple on ‘Maria Bartiromo’s Wall Street.’
President Donald Trump has criticized the proposal to expand the New York Stock Exchange to Dallas, labeling it as “unbelievably bad” for New York and a sign of poor leadership in the city.
In a post on Truth Social, Trump expressed his disbelief at the decision, stating, “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.” He emphasized that this move represents a significant challenge for New York’s newly inaugurated mayor, Zohran Mamdani.
Mamdani’s office has yet to respond to FOX Business’ request for comments regarding the situation.
MAMDANI’S RISE IN NYC MIRRORS ECONOMIC FLIGHT TO THE SOUTH, STUDY SHOWS
New York Mayor Zohran Mamdani placed affordability at the center of his campaign to run America’s largest city. (Adam Gray/Bloomberg/Getty Images / Getty Images)
In response, Dallas Mayor Eric Johnson praised the stock exchange’s opening in Texas, calling it “excellent” for both the city and the nation.
“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 a comment to FOX Business.
He further emphasized, “I’ve said it before and I’ll say it again: Dallas is America’s first Sanctuary City from Socialism.” Johnson noted that the financial services sector in Dallas has been on a steady growth trajectory, attracting business leaders from across the country, particularly from New York, who see Dallas as the future of free enterprise and the American dream.
Johnson has previously indicated that he anticipates a significant influx of financial firms relocating from New York to Texas. “New York has a mayor who is openly hostile towards the business community and is pushing for higher taxes on job creators,” he remarked. “As a result, I predict an avalanche of Wall Street firms moving to Dallas.”
DALLAS MAYOR PREDICTS EXODUS OF NYC FINANCIAL FIRMS UNDER MAMDANI
An aerial view of the downtown Dallas skyline on February 22, 2024 in Dallas, Texas. ( Kirby Lee/Getty Images)
This trend of migration is already evident across the nation. Texas and Florida have emerged as attractive destinations as businesses and residents flock to lower-tax, less-regulated states. Meanwhile, leaders in blue states are left to contend with the fiscal and political ramifications of this capital flight.
From 2012 to 2022, California experienced a net loss of over 361,000 residents to Texas, taking with them approximately $21 billion in taxable income. The trend is even more pronounced on the East Coast, where over 380,000 New Yorkers moved to Florida during the same period, carrying an estimated $37 billion in taxable income.
WHY MAJOR FINANCIAL FIRMS ARE EXPANDING TEXAS PRESENCE BEYOND TRADITIONAL WALL STREET HUB
The New York Stock Exchange has stated that the planned expansion to Dallas, a fully electronic equities exchange, aims to broaden its reach and better serve companies in the South and Southwest, rather than replacing its New York operations.
The new exchange, known as NYSE Texas, is set to operate as a reincorporation of NYSE Chicago, allowing companies to list and trade shares electronically while maintaining primary listings elsewhere.
Additionally, Dallas is preparing for the Texas Stock Exchange, which plans to commence trading in 2026. Nasdaq has also expanded its footprint in the state, already listing over 200 companies based in Texas.
Dallas Mayor Eric Johnson predicts big firms will quit working in the Big Apple on ‘Maria Bartiromo’s Wall Street.’
President Donald Trump has criticized the proposal to expand the New York Stock Exchange to Dallas, labeling it as “unbelievably bad” for New York and a sign of poor leadership in the city.
In a post on Truth Social, Trump expressed his disbelief at the decision, stating, “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.” He emphasized that this move represents a significant challenge for New York’s newly inaugurated mayor, Zohran Mamdani.
Mamdani’s office has yet to respond to FOX Business’ request for comments regarding the situation.
MAMDANI’S RISE IN NYC MIRRORS ECONOMIC FLIGHT TO THE SOUTH, STUDY SHOWS
New York Mayor Zohran Mamdani placed affordability at the center of his campaign to run America’s largest city. (Adam Gray/Bloomberg/Getty Images / Getty Images)
In response, Dallas Mayor Eric Johnson praised the stock exchange’s opening in Texas, calling it “excellent” for both the city and the nation.
“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 a comment to FOX Business.
He further emphasized, “I’ve said it before and I’ll say it again: Dallas is America’s first Sanctuary City from Socialism.” Johnson noted that the financial services sector in Dallas has been on a steady growth trajectory, attracting business leaders from across the country, particularly from New York, who see Dallas as the future of free enterprise and the American dream.
Johnson has previously indicated that he anticipates a significant influx of financial firms relocating from New York to Texas. “New York has a mayor who is openly hostile towards the business community and is pushing for higher taxes on job creators,” he remarked. “As a result, I predict an avalanche of Wall Street firms moving to Dallas.”
DALLAS MAYOR PREDICTS EXODUS OF NYC FINANCIAL FIRMS UNDER MAMDANI
An aerial view of the downtown Dallas skyline on February 22, 2024 in Dallas, Texas. ( Kirby Lee/Getty Images)
This trend of migration is already evident across the nation. Texas and Florida have emerged as attractive destinations as businesses and residents flock to lower-tax, less-regulated states. Meanwhile, leaders in blue states are left to contend with the fiscal and political ramifications of this capital flight.
From 2012 to 2022, California experienced a net loss of over 361,000 residents to Texas, taking with them approximately $21 billion in taxable income. The trend is even more pronounced on the East Coast, where over 380,000 New Yorkers moved to Florida during the same period, carrying an estimated $37 billion in taxable income.
WHY MAJOR FINANCIAL FIRMS ARE EXPANDING TEXAS PRESENCE BEYOND TRADITIONAL WALL STREET HUB
The New York Stock Exchange has stated that the planned expansion to Dallas, a fully electronic equities exchange, aims to broaden its reach and better serve companies in the South and Southwest, rather than replacing its New York operations.
The new exchange, known as NYSE Texas, is set to operate as a reincorporation of NYSE Chicago, allowing companies to list and trade shares electronically while maintaining primary listings elsewhere.
Additionally, Dallas is preparing for the Texas Stock Exchange, which plans to commence trading in 2026. Nasdaq has also expanded its footprint in the state, already listing over 200 companies based in Texas.
