The districts involved in the PowerSchool cyberattack say hackers have access to previous student and teacher data.

Jack Hoffman, a Nebraska Cornhuskers superfan known for scoring a touchdown for the team at seven years old, has tragically passed away at 19 years old.

A family dispute arises over differing parenting styles and child independence.

Fans of the 'Flowers' singer recently came after Billy Ray Cyrus after he was confirmed to perform at the upcoming presidential inauguration celebrations.

President Biden delivers his farewell address Wednesday night live from the Oval Office.

Why it matters: Biden's remarks focus on defining his legacy and record more than on President-elect Trump.

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When is Biden's farewell speech tonight?

Zoom in: Biden is scheduled to address the nation at 8pm ET.

• It's Biden's fifth Oval Office address since he became president in 2021.
• His last speech from the Oval Office was in July after he announced he wasn't running for re-election.

How to watch Biden speech live

Zoom in: Major television networks — including ABC, CBS, Fox and NBC — are airing the speech live.

• Cable news channels also will air Biden's address live.

Stream Biden's farewell address live

The big picture: Biden's farewell address to the nation will be streamed live on YouTube, network and streaming apps.

• You can also livestream the speech on Axios with the above YouTube video.

More from Axios:

• How to apply for FEMA $770 payment for California fires
• IRS is sending out stimulus checks to 1 million taxpayers. What to know
• Taco Bell, McDonald's, Subway, Wendy's, KFC add new meal deals

Senate Majority Leader John Thune (R-S.D.) has a "fairly lengthy list" of last-minute Biden regulations that Republicans may try to undo in the coming weeks, he told Axios.

Why it matters: The Congressional Review Act (CRA) gives Congress until mid-May to reverse what Republicans are calling the "midnight rules" of the Biden administration.

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• Sen. Ted Cruz (R-Texas) will kick things off next week by introducing three resolutions to erase Biden moves on crypto, energy and internet access.
• "We are scrubbing right now to determine what is eligible," Thune said at an event at the American Petroleum Institute earlier on Tuesday.

How it works: CRA resolutions have to pass with majority votes in both chambers of Congress.

• Those votes can only happen 15 legislative days into a new Congress — the power won't be available until late January or early February.
• The window for action closes 60 sessions into the new Congress.

Flashback: In early 2017, Trump and congressional Republicans used CRA resolutions to erase 16 Obama administration rules.

• In 2021, Biden and congressional Democrats returned the favor and repealed three Trump rules.

What they're saying: Cruz, who chairs the Commerce committee, told Axios that he is confident that his three resolutions will pass. He expects the process to move "expeditiously" after he files next week.

• One resolution would rescind a December regulation by the Energy Department that regulated gas water heaters.
• Another would undo an IRS rule — finalized last month — that has sparked outrage in crypto circles. The rule requires more reporting on income earned in cryptocurrencies. Sens. Cynthia Lummis (R-Wyo.) — who chairs the new crypto subcommittee— Bill Hagerty (R-Tenn.) and Tim Sheehy (R-Mont.) are cosponsors.
• Cruz's final target is a FCC regulation that allow schools and libraries to lend Wifi hotspots to students through the E-Rate program. Cruz argued it violates the Communications Act, increases taxes and "opens up children to real risks of abuse" with no limits on their broadband usage.

What to watch: The law doesn't give a new Congress blanket authority to undo all of the previous administration's final rules and regulations.

• But Thune's team is trying to convince the Senate parliamentarian how they can use the CRA to undo California's tailpipe standard, which would require 100% of new cars sold by 2035 to be zero emission.
• "We are looking for lots of opportunities in that space and trying to argue with the parliamentarian," Thune said at the API event. "The whole California waiver issue … was such a radical regulatory overreach."

Greenland must make its own decisions about independence from Denmark, Prime Minister Mette Frederiksen told President-elect Trump in a Wednesday phone call.

The big picture: Trump, since his first term, has repeatedly floated the idea of the U.S. buying Greenland even though the island's leaders have said it is not for sale.

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• The issue has taken on new importance since Trump hasn't ruled out using military force to take control of Greenland as he returns to the White House.
• Greenland views itself as an autonomous country that is part of the Kingdom of Denmark, and it has the option of declaring its independence under the 2009 Greenland Self-Government Act.
• Denmark has sent Trump private messages expressing willingness to discuss boosting security in Greenland or increasing the U.S. military presence on the island, Axios previously reported.

Zoom in: Frederiksen in her call with Trump reiterated Greenland Prime Minister Múte Egede's statement "that Greenland is not for sale," according to a Danish press release.

• "The Prime Minister has argued that it is up to Greenland itself to make a decision on independence," a translated version of the release said.
• Trump's representatives did not immediately respond to Axios' request for comment.

Flashback: Frederiksen and Trump have a tense history on the issue.

• During his first term, Trump canceled a trip to Denmark after the prime minister called the idea of the U.S. purchasing Greenland "absurd." Trump at the time called her comments "nasty" and "inappropriate."

The bottom line: The main question is whether Trump would be content to cut a deal with Denmark and declare victory, or whether his true mission is to become the first president in 80 years to gain new territory for the U.S., Axios' Barak Ravid and Dave Lawler report.

More from Axios:

• Scoop: Denmark sent Trump team private messages on Greenland
• House GOP crafts bill to let Trump purchase Greenland
• Denmark bolstering Greenland defense after Trump ownership comments

President-elect Trump's Monday inauguration ceremony is set to be colder than the norm.

Why it matters: D.C. is preparing for 250,000 ticketed guests and thousands more at the National Mall for the outdoor ceremony — which has caused emergencies from extreme weather in its history.

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• "It's going to be very cold out there for any folks attending the inauguration," Eric Taylor, a forecaster for the National Weather Service in Sterling, Virginia, told Axios.

State of play: Air temperatures during the day on Monday are expected to be in the low- to mid-20s, Taylor said.

• Wind chill factors by about noon will be between 12ºF and 14ºF.
• Monday is set to be more dry than the weekend, which has rain (and possible Sunday snow) on the forecast.
• Breeze could be sustained at 20 to 30 miles per hour at times.

Context: Monday is slated to be cooler than Jan. 20 has been in D.C. in recent decades, per the NWS.

• The normal high for that date is 45ºF and the normal low is 30ºF, calculated from 1991 to 2020 data.

Flashback: Official weather record-keeping for the event began in 1871.

• Inauguration Day, previously held in March, was moved to Jan. 20 in 1937.

President Ronald Reagan was inaugurated and sworn in on both the warmest and coldest Jan. 20s, per the NWS.

• His 1981 inauguration was at 55ºF with mostly cloudy skies. His second ceremony in 1985 had to be held indoors because of 7ºF temperature at noon.

President William Henry Harrison developed pneumonia from the weather on his Inauguration Day in 1841 and died a month later, the NWS reported.

• He rode a horse to and from the Capitol without a hat or overcoat and delivered an hour and 40 minute long speech.

President William Taft's 1909 ceremony was forced indoors because of a storm that brought 10 inches of snow to D.C.

• "It took 6,000 men and 500 wagons to clear 58,000 tons of snow and slush from the parade route," per the NWS.

President Franklin Roosevelt's second ceremony holds the record rainfall for the date at 1.77 inches.

• "At the president's insistence, he rode back to the White House in an open car with a half an inch of water on the floor," NWS said. "Later, he stood for an hour and a half in an exposed viewing stand watching the inaugural parade splash by in the deluge."

Go deeper: Flags to fly at full-staff for inauguration after Trump's complaints

• As Malaysia enters a period of political stability, its new dream is to become a regional tech hub.
• Investments and startups are flowing into the country, but it's still early days.
• Despite its last tech mega-project failing, insiders told BI they see a winning plan this time.

Kean Wei Kong's hands snapped from the wheel as we hit the highway in the midday rain.

His sedan, a Malaysian-made Proton S70, kept cruising on its own, flowing with the traffic snaking into Kuala Lumpur.

The bespectacled 28-year-old, a former insurance salesman, was taking me for a spin of what he and two college friends were selling: a plug-and-play dashcam that uses AI to drive your family car.

Their company is Kommu, one of the 4,000 Malaysian startups the federal government hopes will form a key pillar of a new Asian tech boom. As the nation exits an era of political turmoil, founders like Kean say they're hopeful.

"The younger generations are stepping up," he said as he crossed his arms, letting the car do the work. "We're no longer thinking of survival. It's more like we're in an innovation phase."

Born from years of tweaking open-source code, Kean's software controls limited steering and acceleration. It's nothing that EV makers like Tesla aren't already selling, but he and his buddies custom-engineered their product, made with Chinese phone parts, for Malaysia's national auto brands.

Their pitch is that for $800, the owner of a $10,000 hatchback can plug in Kean's dashcam via two cables and get partial self-driving.

Kean is unsure if their product is legal, though he said they haven't seen trouble from authorities and secured prize money from a government-affiliated competition.

"It's like a gray area. Malaysia isn't a very regulated country yet," he said. "That's why there are opportunities for startups like us."

Off to a good start

A political reckoning saw Malaysia cycle through five prime ministers in six years, until Anwar Ibrahim, the current prime minister, squeezed through the November 2022 national polls through a coalition.

As the dust settles, more than a dozen local tech insiders told Business Insider that Malaysia feels like it's on the cusp of a new chapter. Anwar champions the idea of the next era in the nation's economy, rallying his government for an all-out push to develop Southeast Asia's version of Silicon Valley.

The prime minister described Malaysia's new effort as "a clear break from the past," saying in May that the country had missed opportunities for tech investments in previous years.

Malaysia is banking on more than just stability. It commands vast reserves of land and water, useful for facilities like data centers run by Intel, Nvidia, and ByteDance. US-China tensions and the Ukraine war brought a wave of investors looking to park funds in new havens. And Malaysia's popular but spatially constrained neighbor, Singapore, is contending with surging living and business costs.

Anwar's government is touting Malaysia as an appealing alternative, announcing a plan in April to extend financial support, visa access, and job benefits to foreign startups moving in. State money, including the sovereign wealth fund Khazanah Nasional Berhad, is offering $27.6 billion for all local ventures over the next five years.

"It's different. Because this time, the government isn't doing too much," said Tan Eng Tong, a startup advisor who runs an education center for tech workers in Malaysia. He spent the 1990s building his career in Silicon Valley with Seagate and Hewlett-Packard.

Tan believes Malaysia's last tech mega-project in the 1990s was the result of a government trying to force a revolution. Then-Prime Minister Mahathir Mohamad cleared land for global companies to settle down, dreaming of transforming greater Kuala Lumpur into an IT powerhouse.

But many of the prized multinationals eventually used their new Malaysian bases for low-cost labor in manufacturing and outsourcing. When a BI reporter visited Cyberjaya — a development near the capital meant to house the world's hottest startups — in 2022, the largely residential area was filled with abandoned business hubs and quiet malls.

5,000 startups by 2025

Now, the country is trying a new approach. Its semiconductor industry, largely based in the state of Penang, already houses Intel and Texas Instruments. Officials have announced a plan to bring in $100 billion in additional investment for the sector, without specifying a deadline.

Anwar is continuing the prior administration's goal of producing 5,000 local startups and five unicorns by 2025.

Norman Matthieu Vanhaecke, the Belgian-Malay CEO of Cradle Fund, the government's agency supporting early-stage firms, said the country now has about 4,000 startups. The overwhelming majority are located in the capital and the state that surrounds it, Selangor.

But Vanhaecke says Malaysia's true near-term goal is to get on the map and have Kuala Lumpur join Tokyo, Seoul, and Singapore on global lists like Startup Genome's ecosystem ranking.

Singapore and Indonesia have enjoyed the lion's share of venture capital activity in Southeast Asia. In 2023, they secured 651 and 165 deals, respectively, according to data from the investment database PitchBook.

Malaysia recorded 71 deals that year, and the total annual value of its deals has never reached $1 billion, per PitchBook. The total value of deals in Singapore has eclipsed $9 billion annually in the last three years.

The Malaysia Digital Economy Corporation, a government agency tasked with attracting tech investment, is trying to give foreign startups a "soft-landing zone" in Malaysia through coworking spaces.

The agency told BI that since 2016, it has partnered with 23 locations that have serviced about 600 startups. These firms are promised low business costs and potential access to government and private sector financing.

Malaysia opens its state funds to startups

Noor Amy Ismail, an analyst asked by the Malaysian government to assess the local VC scene in 2023, said she studied South Korea's 2014 tech drive for her recommendations. There, government funds set the stage, then petered off as private investors poured in.

Amy advised Malaysian officials to do the same.

"That is what our venture capital road map is trying to address, to get more corporate investors on board to support," she said.

State and national funds, which have long dominated investing in Malaysia, have been opening their coffers to startups.

One founder, Jimmy How, said state executives were far more risk-averse 10 years ago when he started his affiliate marketing company.

"Back then, guys like Khazanah wouldn't even look at startups like us," How said. Khazanah, Malaysia's main sovereign wealth fund, earmarked $1.3 billion in 2023 for startups and venture capital over the next five years.

How's company received an investment from Penjana Kapital, a national venture program, during a Series C funding round last year.

Gokula Krishnan, the founder of Vircle, a financial literacy app for kids, said his firm received a seed investment from Khazanah in 2023. It helped convince him to stay in Malaysia instead of leaving for Singapore.

"Talent is relatively cheap. Available office space is cheap. Cost of living is supercheap, even compared to Vietnam or Indonesia," he said about Malaysia. "I don't see any other country in Southeast Asia that has this mix."

No more 'shit-hole state of mind'

Khailee Ng, an energetic Malaysian with a mane of black hair flowing down to his shoulders, is perhaps the biggest name in Kuala Lumpur's venture capital scene. He's a managing partner with the US venture firm 500 Global, which has seeded at least six unicorns in Southeast Asia since 2014.

Malaysia, burdened by a history of infighting and policy reversals, has for too long wallowed in a self-defeating attitude — a "shit-hole state of mind," he said.

But Ng said he's seen far less of that among entrepreneurs in the last two years. "They're getting funding, they're kinda seeing that things are working. I think a lot of tech startups are starting to be open to the idea that something good will happen," he said.

His team analyzed 198 local startups from January 2023 to June 2024 and found that 33 were profitable, with at least 20% annual growth and $5 million in revenue.

Of that group, 11 had over 60% growth and $10 million in annual revenue.

"I was shocked," Ng said, adding that 500 Global has since invested in five of those 11 firms.

Stronger currency boosts purchasing power

In Puchong, a town about 10 miles south of Kuala Lumpur, entrepreneurs Amirul Merican and Chor Chee Hoe were preparing just after dawn to meet their startup's new landlord. They're looking to move into a factory to expand production at their firm, Qarbotech, by 50 times.

In a garage space on the outskirts of the capital, their workers hauled tubs of grounded carbon to be heated into a patented liquid via a dozen or so kitchen microwaves.

That liquid is their product, a spray that Amirul and Chor say boosts crop yields for rice paddies and vegetables through improved photosynthesis.

Amirul said the last two years of political stability were a boon for their expansion plans.

Malaysia's stronger currency has made purchasing American equipment cheaper — like a giant industrial-level microwave they bought to replace their kitchen appliances.

The ringgit has strengthened by over 3% against the dollar over the past year, peaking with a 13% gain against the dollar in September.

"That's crazy," Amirul said of the gains in September, when they bought the microwave. "We have a stronger currency, more international companies looking at Malaysia."

Quelling the brain drain

One of Malaysia's long-term challenges is quelling a brain drain to Singapore, Australia, and the West.

More than 1.1 million Malaysians lived in Singapore in 2022, about three-quarters of whom were skilled or semi-skilled workers.

Jayant Menon, a senior fellow who studies Asian trade and investment at the ISEAS-Yusof Ishak Institute in Singapore, said if Malaysia does not fix issues like its talent exodus, the tech push could become a collection of short-term investments spilling over from the US-China trade war.

Amy, the analyst asked to assess Malaysia's tech scene, said the government should work on bringing middle-class female talent back into the workforce.

About 53% of Malaysian STEM graduates in 2021 were women, far higher than the global average of 29%.

"But the moment they enter the workforce, that number drops to about 43 to 44%," Amy said of how many working STEM professionals are women. Middle-income Malaysians are often under pressure to care for both their children and retiring parents, and many women choose to take on that role since they earn 33% less than men in the country, she added.

"Naturally, the women will stay at home," she said. "But we have all those women who we put on scholarships stuck at home."

Malaysia could also struggle with educational gaps for its future workforce.

Nearly a quarter of Malaysia's 17-year-old students failed math in the 2023 national exams, while another 28.9% scored a D or E grade, according to the Education Ministry.

The country has been grappling with inconsistent education policies, debating whether to offer science and math classes in English, Malay, or other mother tongues for the past two decades. Singapore's education and government are primarily in English, a decision that helped make the city-state a business hub.

On the global front, Malaysia must also overcome a hit to its reputation from a major 2015 corruption scandal, in which officials funneled $4.5 billion from its sovereign wealth fund 1MDB into their own pockets.

Kean, the founder who's building self-driving software, is aware of those potential pitfalls. But he said that for entrepreneurs like him, the only option for now is to keep going.

Since April 2022, Kommu says it has sold 400 dashcams, mostly to car enthusiasts. The company's next phase of development is creating software that can navigate to destinations and know when to exit highways.

His team is unsure where Kommu can take its dashcam or where their exits lie. But he hopes that a way up could come from local automakers noticing their work and reaching out.

"I think any entrepreneur will tell you that the best time to start is now," he said.

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• Nate Anderson said he's disbanding Hindenburg Research after completing all its outstanding projects.
• Hindenburg, a short-seller founded in 2017, gained fame for its forensic financial research.
• The firm impacted major companies and plans to share its tactics publicly.

Nate Anderson, founder of the short-selling firm Hindenburg Research, is tapping out.

On Wednesday, Anderson wrote in a post titled "Gratitude" on the firm's website, "I have made the decision to disband Hindenburg Research. The plan has been to wind up after we finished the pipeline of ideas we were working on," including reporting multiple cases to regulators.

"Building this has been a life's dream." But, he said, "the intensity and focus has come at the cost of missing a lot of the rest of the world and the people I care about."

Anderson launched Hindenburg in 2017 and rose to prominence in 2020 with a report saying that electric truck manufacturer Nikola Corporation had exaggerated and misrepresented its products to investors. The stock tumbled 11% in a single day, and Anderson was off to the races.

Other targets of Hindenburg's negative research and short-seller activity included Clover Health, Adani Group, and Icahn Enterprises. In each instance the entity in question saw sharp stock losses immediately after publication. The Adani Group situation was especially notable, because the market reaction to the firm's research resulted in tens of billions of dollars of lost net worth for one of Asia's richest individuals.

Unlike typical investors that seek to capture returns from rising stock prices, short-sellers bet on declines. Hindenburg carved a niche for itself by publishing negative research, often focused on highlighting what it argued to be fraudulent or misleading corporate behavior, while also positioning itself short beforehand. It's unknown how much money the firm brought in overall from its short bets.

Anderson said in his message that the firm's work held some of the most powerful companies accountable for their actions.

"Nearly 100 individuals have been charged civilly or criminally by regulators at least in part through our work, including billionaires and oligarchs. We shook some empires that we felt needed shaking," he wrote.

In the next six months, Anderson wrote that he plans to make the firm's tactics public through open-source materials and videos on their investigation process.

Anderson and representatives from Hindenburg didn't immediately respond to BI's request for comment.

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