Trump Media & Technology Group said on Monday it has become the first company to be listed on NYSE Texas, handing an early boost to the exchange as it gears up for fierce competition in the Lone Star state.
The company, which operates Truth Social and is primarily owned by President Trump, said it will also list its warrants on the Texas exchange. Its primary listing, however, will remain on the Nasdaq.
The move could bolster Intercontinental Exchange-owned NYSE, which on Monday became the first exchange to operate in Texas.
Trump Media is the parent company of social-media platform Truth Social. NurPhoto via Getty Images
The state is home to the largest number of companies listed on the New York Stock Exchange, with a combined market value of over $3.7 trillion, and is now seeing rising competition for market dominance among stock exchanges.
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NYSE will have to contend with rival Nasdaq, which promised to open a regional headquarters in the state earlier this month, and the Texas Stock Exchange, a venture backed by heavyweights including BlackRock and Citadel Securities.
The Texas Stock Exchange submitted paperwork in January to operate as a national securities exchange, and is eyeing a launch in 2026.
Texas Gov. Greg Abbott announces the Texas Stock Exchange leaders at the Governor’s Mansion in Austin in September. ZUMAPRESS.com
“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,” said Trump Media CEO Devin Nunes.
Trump Media is a popular stock on retail trading forums and has often seen wild bouts of volatility in the past, such as around the election in November.
Securing the listing is a major win for the NYSE, but some consider the move “symbolic” – a perception that the exchange will likely need to change, while also strengthening liquidity.
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President Trump is Trump Media’s majority shareholder. Getty Images
Still, the growing competition between listing venues could strengthen the state’s emergence as a financial hub and a challenger to New York.
“The Texas business-friendly environment — lack of all the political issues and a stronger focus on what business should be — has a really unique position,” said Derek Wilson, co-founder of Dallas Opportunity Partners, an investor in the Texas Stock Exchange.
The announcement came on the heels of a filing late on Friday that BlackRock’s iShares division has filed for SEC approval to launch a Texas-focused exchange traded fund. The asset management giant did not disclose the exchange on which it proposes to list the ETF.
The fund will invest in stocks of companies headquartered in Texas that make up the Russell Texas Equity Index, a subset of the Russell 3000 index Unless regulators block or delay the offering, it could begin trading by early June.
In a first-of-its-kind effort, the Texas legislature has passed a bill to require warning labels on foods such as Mountain Dew and white bread that contain certain artificial additives and dyes. The measure, now awaiting action by Republican Gov. Greg Abbott, would require a warning label prominently displayed on foods containing any of 44 artificial […]
MINNESOTA — The first rule of Designated Hitter Club? Learn to perform in Designated Hitter Club.
Texas Rangers first baseman Jake Burger certainly has. He started at designated hitter Tuesday vs. the Minnesota Twins at Target Field and has played the position in four of the club’s last eight games.
“He just seems comfortable DHing,” Rangers manager Bruce Bochy said. “Some guys don’t want to DH, but he’s done a good job at it so we’re going to keep him there.”
Bochy said that Burger’s defense has been too good at first base to keep him at designated hitter long term and acknowledged that he will return to the field soon. But, while the club rotates players through the designated hitter position in the wake of Joc Pederson’s broken hand, Burger functions as a plus option.
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The 29-year-old has a career .258/.293/.559 slash line in 68 games at designated hitter. His .852 OPS is the highest he’s posted at any position that he’s started double-digit times and he entered play Tuesday with a 6 for 12 line and two home runs at designated hitter this season.
The Rangers have gotten a league-worst .521 OPS out of the designated hitter position this year. Pederson, who had a .507 OPS before he fractured his wrist, did drag that number down significantly. Bochy believes that the players who succeed in the role are the ones that can become accustomed to “all the free time” in between innings.
“Then once you do, you like it,” Bochy said with a smile. “Sign me up for that in the next life, DHing, that’d be the perfect job.”
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A largely peaceful march in downtown Austin on Monday condemning the uptick in immigrant detentions across the country dispersed when law enforcement fired tear gas into a portion of the crowd that refused to leave.
The protest, organized by the Party for Socialism and Liberation’s Austin branch, began outside state Capitol grounds at around 7 p.m. as several hundred protesters condemned raids conducted in recent weeks by U.S. Immigration Customs and Enforcement. The group guided the mile-long march and chants through downtown toward the J. J. “Jake” Pickle Federal Building before circling back to the Capitol.
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While the organizers announced the end of their gathering just after 8 p.m., more than a hundred protesters continued marching as police told them to leave the streets. Some rerouted back to the federal building but were blocked from it by law enforcement, who eventually fired tear gas canisters into the crowd.
Speakers during the protest and those who marched in downtown Austin said ICE and law enforcement were operating without due process for people they have detained in raids. Some, including Valerie Cruz, an Austin resident and first generation American, came to share their solidarity with undocumented immigrants they say have been villainized by law enforcement.
“I had the privilege of my family being able to come here ‘the right way,’ you know what they say, right? And not everybody has that privilege, not everyone has that luxury, and that’s why I’m here,” Cruz said.
A protest in Dallas also occurred on Monday evening, following two others on Sunday in San Antonio and Houston. All four were inspired by protests against ICE in Los Angeles over the weekend, which started after a series of ICE immigration sweeps and arrests sparked outcry from locals, according to CalMatters.
Protesters bang their fists and write messages on the doors at the entrance of the J.J. “Jake” Pickle Federal Building during a protest against ICE in Austin on Monday.
Credit:
Ronaldo Bolaños/The Texas Tribune
State and federal authorities have escalated their presence in Los Angeles as protests have continued. The Pentagon on Monday deployed 700 Marines to Los Angeles hours before protesters gathered in Austin. Those Marines are in addition to the 2,000 National Guard troops sent by the Trump administration to Los Angeles.
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California Gov. Gavin Newsom called the deployment of law enforcement into Los Angeles an “unmistakable step toward authoritarianism” in a news release on Monday. Newsom is now suing the administration for the guard’s deployment.
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Austin Police Department and Texas Department of Public Safety officers gathered and at times surrounded the protesters as they moved through downtown. At one point, a DPS officer fell off their motorcycle while attempting to corral protesters, and shortly afterward, another officer shot pepper spray at a protester who was not near the fallen motorcycle. That protester, who did not wish to be named, was incapacitated after being sprayed in their face.
According to one eyewitness, at least two people were detained, but APD and DPS did not immediately respond to requests for confirmation. It was also unclear whether anyone was injured by the tear gas.
A Department of Public Safety officer sprays a chemical deterrent at a protester during a demonstration against ICE in downtown Austin on Monday. The spray was used after a DPS officer lost control of their bike in the crowd.
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Credit:
Ronaldo Bolaños/The Texas Tribune
Big news: 20 more speakers join the TribFest lineup! New additions include Margaret Spellings, former U.S. secretary of education and CEO of the Bipartisan Policy Center; Michael Curry, former presiding bishop and primate of The Episcopal Church; Beto O’Rourke, former U.S. Representative, D-El Paso; Joe Lonsdale, entrepreneur, founder and managing partner at 8VC; and Katie Phang, journalist and trial lawyer.
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