Trump says New York Stock Exchange's Dallas expansion is "an unbelievably bad thing for New York"
A road sign is seen near the New York Stock Exchange in New York on Oct. 30, 2020. (Xinhua/Wang Ying via Getty Images) U.S. stocks closed lower on Friday, as a pronounced slide in tech sector weighed on the market. The Dow Jones Industrial Average fe
DALLAS - President Donald Trump is not a fan of the New York Stock Exchange’s plan to expand operations to Dallas.
What we know:
The new Dallas branch of the New York Stock Exchange will be a "fully electronic equities exchange."
It will be a reincorporation of NYSE Chicago, which will now be known as NYSE Texas.
The New York Stock Exchange says it's designed to broaden the NYSE's footprint, not replace it, and will better serve companies in the South and Southwest.
Dallas will also welcome the Texas Stock Exchange in 2026.
What they're saying:
Donald Trump (White House photo)
Trump took to Truth Social to slam the NYSE’s planned expansion to the Lone Star State.
"Building a "New York Stock Exchange" in Dallas is an unbelievably bad thing for New York," Trump wrote on his Truth Social account. "I can’t believe they would let this happen. A big test for the new mayor!"
Trump is referring to Zohran Mamdani, the democratic socialist who was elected mayor of New York City last year.
His election came with fears that businesses who have long called NYC home could move to southern states with fewer regulations and lower taxes.
The other side:
Eric Johnson (left), Zohran Mamdani (right)
Dallas mayor Eric Johnson agrees with Trump's assessment, but welcomes the move 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 told FOX Business in a statement.
He has previously told FOX Business he expects a flood of businesses to move their operations to Dallas.
"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."
Notable companies that have already moved their headquarters to Texas in the last few years include Tesla, Fisher Investments and Hewlett Packard Enterprise.
The Source: Information in this story came from FOX Business.