Key Takeaways The New York Stock Exchange launched its Texas exchange with its first listing by Trump Media & Technology Group.President Lynn Martin explained that the move would give companies the ability to capitalize on the "pro-business dynamics" in the Lone Star State.

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.

Retail traders on Stocktwits were buzzing, with some skeptical that the huge gains could continue. Newsmax saw its market cap soar to $20 billion Tuesday.

Newsmax debuted on the New York Stock Exchange on Monday and surged over 500% in the first few hours of trading, leading to nearly a dozen trading halts following its initial public offering, as its market cap surged to more than $5.5 billion.