Whistleblower Says Twitter is “Misleading” The Public on Security; Hong Kong Considers Lowering Hard Tech IPO Threshold

In today's ExchangeWire news digest: Twitter is “misleading” the public on security, according to whistleblower; Hong Kong Exchanges & Clearing Ltd contemplates lowering the IPO threshold for hard tech firms; and tech companies urge US congress to vote on antitrust legislation as soon as possible.


Zatko testifies against Twitter

Peiter Zatko, former head of security at Twitter, told a US court of “extreme, egregious security deficiencies” at the company. The former hacker, who worked at Twitter from 2020 until he was fired in 2022, claimed the company’s security measures are “a decade behind” current standards. Zatko added that “one-time fines” from regulators over data protection rule violations “didn’t bother Twitter at all”.


HK contemplates new revenue threshold for hard tech firms’ IPOs

Hong Kong Exchanges & Clearing Ltd. is reportedly considering a new system to lower the revenue threshold for hard tech companies to launch an initial public offering (IPO). According to Bloomberg, the stock exchange is developing a new scheme under chapter 18C of its rules and guidance which would allow a range of companies to launch IPOs with reduced funding. Companies to benefit from the new system would include artificial intelligence and chips to autonomous vehicles and smart manufacturing. A public consultation may be launched by Hong Kong Exchanges & Clearing Ltd. later this month. 


Congress urged to vote on tech antitrust legislation

DuckDuckGo, Mozilla, and Brave are amongst the privacy-focused companies to have issued a letter urging members of the US Congress to vote on the American Innovation and Choice Online Act. If passed, the act would prohibit companies from promoting their own products and services on their platforms to the detriment of their competitors.

The letter, which was issued on Tuesday (13th September), stated current legislation allows big tech companies to poach consumers from their rivals, stifling competition.


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Fact of the Day

12% - the increase of start-ups in Hong Kong in 2021.

Source: HKTDC Research