Trump commented on NYSE Texas after Dallas Mayor Eric Johnson said Dallas represents the future of capitalism.
DALLAS — President Trump addressed the shift from Wall Street to Y’all Street and sounded the alarm on social media, saying that NYSE Texas isn’t good for New York.
“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. A big test for the new Mayor!” Trump posted on Truth Social.
That “new mayor” is Zohran Mamdani, New York City’s recently elected leader, who identifies as a democratic socialist — a sharp contrast to what Dallas leaders say is a business-friendly, pro-capitalism climate in North Texas.
Dallas Mayor Eric Johnson, speaking on “Maria Bartiromo’s Wall Street” on Fox Business, said, “You can describe New York now as the new heartbeat of socialism in the United States. Dallas represents, I think, the future of capitalism.” Johnson added, “We’re already the number one city in the United States for corporate relocations… we are the second largest city in the United States for financial institutions, and I expect that to continue to grow.”
That growth is being fueled in part by a major shift in U.S. stock exchanges toward Texas.
The New York Stock Exchange launched NYSE Texas in 2025, a fully electronic equities exchange based in Dallas, calling the city “one of the nation’s fastest growing business hubs.” Lynn Martin, president of NYSE Group, said Texas is “the state with the largest number of NYSE listings, representing over $3.7 trillion in market value,” and praised its “pro-business atmosphere.”
Another major player is the Texas Stock Exchange, or TXSE, which is registered as a national securities exchange and plans to begin trading exchange-traded products and corporate listings in 2026. Based in Dallas, TXSE says it will serve U.S. and international companies and is the only national exchange built and headquartered in Texas.
Nasdaq is also moving deeper into the Lone Star State. Nasdaq Texas is being positioned as a dual-listing venue for Texas companies, highlighting the state as a home where “innovation and perseverance meet” and businesses “grow and thrive.”
Together, those moves are reinforcing what some are calling “Y’all Street” — the rising concentration of financial power in the Dallas-Fort Worth area.
The power of Y’all Street
JPMorgan Chase now employs more people in Texas than in New York, with more than 31,500 employees statewide, including large operations in downtown Dallas and Plano. CEO Jamie Dimon dedicated two pages of his annual letter to shareholders to the bank’s Texas impact, noting the company contributed more than $1 billion to the Texas Economy in 2023
Goldman Sachs is building an 800,000-square-foot Dallas campus expected to house more than 5,000 employees, while Wells Fargo opened a new Las Colinas campus in Irving, bringing together 4,500 workers. Charles Schwab moved its corporate headquarters to Westlake, Texas, in 2021, where its 70-acre campus is home to more than 7,000 employees.
Bank of America will be the signature tenant in a new 30-story tower in Dallas, Fidelity employs more than 5,000 in Westlake, Comerica is headquartered in Dallas, Texas Capital Bancshares is based downtown, and Scotiabank is opening a regional office in Dallas that will create more than 1,000 jobs.
For North Texans, the message from city and business leaders is clear: Wall Street isn’t just visiting Texas — it’s putting down roots.
