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Truth Social owner Trump Media becomes first company listed on NYSE Texas — handing early win to exchange

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Truth Social owner Trump Media becomes first company listed on NYSE Texas — handing early win to exchange


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.

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Texas sues Netflix for allegedly spying on kids, addicting users

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Texas sues Netflix for allegedly spying on kids, addicting users


Netflix was sued Monday (May 11) by Texas Attorney General Ken Paxton, who accused the streaming company of spying on children and other consumers by collecting their data without consent, and designing its platform to be addictive. Ram Nabong reports.



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Texas sues Netflix, alleges platform spied on kids and collected data

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Texas sues Netflix, alleges platform spied on kids and collected data


The state of Texas announced a lawsuit against streaming giant Netflix on Monday, accusing the company of spying on children and other consumers by collecting their data without consent and designing the platform to be addictive.

Texas claims that Netflix has falsely represented to consumers that it didn’t collect or share user data while it actually tracked and sold viewers’ habits and preferences to commercial data brokers and advertising technology companies.

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The lawsuit, filed by Texas Attorney General Ken Paxton, claims that “Netflix’s endgame is simple and lucrative: get children and families glued to the screen, harvest their data while they are stuck there, and then monetize the data for a handsome profit.”

The state of Texas announced a lawsuit against streaming giant Netflix on Monday. (Nikos Pekiaridis/NurPhoto via Getty Images)

“When you watch Netflix, Netflix watched you,” Texas added in the lawsuit.

NETFLIX CO-FOUNDER REED HASTINGS TO STEP DOWN, DEPARTURE IS ‘SPOOKING INVESTORS’

Ticker Security Last Change Change %
NFLX NETFLIX INC. 85.39 -2.10 -2.40%

The complaint quotes comments made by former CEO Reed Hastings who said in 2020, while he was still leading the streaming company, that “we don’t collect anything,” amid questions over Big Tech companies’ data collection practices.

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Netflix was also accused of quietly using “dark patterns” to keep users watching on its platform, such as an autoplay feature that starts a new show after a different show ends.

NETFLIX RAISES SUBSCRIPTION PRICES ACROSS ALL PLANS

Texas Attorney General Ken Paxton filed the lawsuit. (Cheney Orr/Reuters)

Paxton said in a press release that Netflix “has built a surveillance program designed to illegally collect and profit from Texans’ personal data without their consent, and my office will do everything in our power to stop it.”

The attorney general said he’s charging Netflix under the state’s Deceptive Trade Practices Act and seeks to require Netflix to stop the unlawful collection and disclosure of user data, require Netflix to disable autoplay by default on kid’s profiles, and to secure injunctive relief and civil penalties.

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FOX Business reached out to Netflix for comment.

Reuters contributed to this report.



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6 people found dead inside a boxcar in Texas, officials say | CNN

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6 people found dead inside a boxcar in Texas, officials say | CNN


Six people were found dead inside a cargo train boxcar in a Texas city along the southern border on Sunday, officials said.

The bodies were found in a Union Pacific train at a rail yard in Laredo, around 160 miles south of San Antonio, just after 3:30 p.m. local time, said Jose Espinoza, a public information officer with the Laredo Police Department.

The circumstances of their deaths are unknown, said Laredo police spokesperson Joe Baeza, according to CNN affiliate KGNS, and an investigation is underway.

Union Pacific operates across the border and is the only railroad that services all access points into Mexico, according to the freight company’s website.

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Temperatures on Sunday afternoon in Laredo were in the low-mid 90s, though it’s unclear whether heat was a factor.

Union Pacific said it was saddened by the incident and is working closely with law enforcement to investigate.

Laredo police said they received a call around 3 p.m. from an employee at the Union Pacific rail yard, KGNS reported. The bodies were discovered during a routine rail car inspection, police said. No survivors were found.

CNN has reached out to Laredo police for more information.

“It’s a very early phase of the investigation. There’s not a lot to reveal right now,” Baeza said, KGNS reported.

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The immigration status and ages of the deceased are not yet known, Espinoza said.

US Customs and Border Protection referred CNN to the Laredo Police Department, saying “The incident remains under investigation by Laredo Police Department and Homeland Security Investigation and Texas Rangers.”

CNN has reached out to the Department of Homeland Security, HSI and the Texas Department of Public Safety.

“It’s a very unfortunate event,” Espinoza told CNN. “It was too many lives that were lost.”

This story has been updated with additional information.

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