In December 2017 Long Island Iced Tea renamed itself Long Blockchain. The tea stayed the same; the shares nearly quadrupled in a day.
On December 21, 2017, the New York company Long Island Iced Tea, which sold iced tea in bottles and was losing money, announced that it was changing its name to Long Blockchain. It had no blockchain whatsoever. The company promised to explore the possibilities of the new technology and perhaps, in the future, buy some mining equipment. That same day its shares nearly quadrupled. The bottled tea stayed the same, and the capitalization grew by one word.
A few months later Long Blockchain was delisted from Nasdaq. In 2021 the SEC charged three people with learning about the name change in advance, buying the shares and selling them on the spike. One of them made $160,000 on it.
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Iced Tea on the Blockchain — Nobody Owns Money | Mike Fluff
