Trump Media & Technology Group has become the inaugural company listed on the NYSE Texas, the state’s first securities exchange.
On Monday, Intercontinental Exchange, Inc., the parent company of the New York Stock Exchange, officially announced that the new Texas exchange is open for businesses, welcoming Trump Media as the first company to be listed.
“We are thrilled to open NYSE Texas to corporate issuers and to welcome Trump Media & Technology Group (TMTG) to our NYSE community through a NYSE Texas listing,” said Lynn Martin, president of NYSE Group, in Monday’s press release.
“This new offering, which we announced just last month, will allow companies to capitalize on the pro-business dynamics in Texas. We applaud Trump Media, Governor Abbott and the state of Texas on their commitment to supporting the innovation of U.S. capital markets.”
Until now, Texas did not have a securities exchange of its own, despite the state boasting the most NYSE-listed companies in the country, with an aggregate market value of $3.7 trillion.
Texas continues to grow its profile as a financial hub.
Even before news broke of the NYSE Texas exchange, it was announced that the state would welcome the Texas Stock Exchange (TXSE). Founder and CEO James Lee said Texas offers an alternative to New York’s increasingly suffocating regulatory hurdles, like those tied to Diversity, Equity, and Inclusion (DEI) initiatives.
More recently, another major exchange operator, Nasdaq Inc., announced it will expand its presence in Texas with a new regional headquarters in Dallas, as reported by The Dallas Express. The Nasdaq currently lists more than 200 Texas-domiciled companies with a collective market cap approaching $2 trillion.
“We’re honored to become the initial listing for NYSE Texas, which is a great fit for TMTG as we diversify into financial services and other realms,” TMTG CEO and Chairman Devin Nunes said in an Intercontinental Exchange press release.
“Texas provides a fantastic climate for business and entrepreneurship that aligns with TMTG’s mission. This listing, alongside our plans to reincorporate in Florida, shows we’re part of a growing movement to take our business to states that value free enterprise and personal freedom.”