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.

President Donald Trump’s media venture is forging a symbolic link to Texas, becoming the first company to list on the New York Stock Exchange’s upstart outpost in the Lone Star State.

Trump Media & Technology Group, the company behind President Donald Trump’s company Truth Social, became the first firm listed on the newly launched NYSE Texas.

(Reuters) -Shares of Truth Media & Technology Group, the parent company of President Donald Trump's Truth Social platform, plunged more than 6.5% on Wednesday after the company filed papers that would allow the president's trust to sell a large number of shares.

Trump transferred his shares in the media company to a trust run by his son in December. The president has said he has no plans to sell his stock.