When things don't make sense, look for the money.  South Africa was able to claim being the first country to list the white shark as a protected species, but that same government spends money killing more white sharks than any other threat to the white shark in South Africa.  why does something this horrific and outdated continue to exist?  Perhaps it is because the NSB has become its own source of income for certain people...

I would have a hard enough time doing this in water that white sharks are not known to frequent.  For me it's the mental battle, not the actual risk. Anyway, this guy's main goal was to get some peace and enjoy the waves by himself, so he created a board that would illuminate the waves.  
Some people believe you are at greater risk of a shark encounter at dawn and dusk and almost certainly your chances are higher when you are alone as opposed to in a group.  But what about lights?  White sharks have been described as curious, so perhaps the lights will draw them in.  That doesn't mean a bite will follow, but being bumped by a massive dark shadow at night would make me $%&* my pants, even if it ended up being a seal (which, by the way, he says has come up to check out his lights).  
Chris Twormey accepts his risks and will not seek revenge upon any animal that bites him and opposes anyone else doing so, as does his wife.