Trump Slams NYSE’s Texas Expansion, Though Move Predated Mamdani

NEW YORK — President Donald Trump on Monday criticized the New York Stock Exchange’s expansion into Texas, calling the move “unbelievably bad” for New York City and framing it as a political test for Mayor Zohran Mamdani.

In a post on Truth Social, Trump said he could not believe the expansion had been allowed to happen, arguing that the establishment of a Texas-based NYSE operation weakens New York’s standing as the nation’s financial capital. He described the development as a “big test” for Mamdani, who took office earlier this month.

The expansion was approved and announced in 2025, during the administration of former Mayor Eric Adams, before Mamdani assumed office.

The move was carried out by Intercontinental Exchange, the parent company of the New York Stock Exchange. The new operation, known as NYSE Texas, began trading out of Dallas in March 2025 and operates as a fully electronic equities exchange.

NYSE Texas evolved from the former Chicago Stock Exchange, which Intercontinental acquired in 2018 before rebranding it as NYSE Chicago and later reincorporating it in Texas.

At the time of the announcement, Lynn Martin, president of NYSE Group, said Texas was a natural location for expansion, citing its large economy, population growth and business-friendly regulatory environment.

Trump did not specify what actions he expected Mamdani to take. The mayor has no direct authority over the stock exchange, which is regulated by the U.S. Securities and Exchange Commission.

Trump’s remarks marked a contrast with earlier comments he made following a White House meeting with Mamdani last year, when he said the new mayor could be “really great.” Since then, Mamdani has criticized some of Trump’s policies, though the president has largely avoided sustained attacks on the new administration.

Mamdani’s office did not immediately respond to Trump’s comments. The White House and the New York Stock Exchange also declined to comment.