Binance, Sequoia commit $1.3 billion to back Elon Musk's Twitter takeover

Elon Musk will continue to hold talks with Twitter shareholders, including founder Jack Dorsey, to contribute shares to the proposed acquisition.

Venture capital firm Sequoia Capital committed $800 million while cryptocurrency exchange Binance committed $500 million to finance Elon Musk's takeover of Twitter, reported Coindesk.

The tech billionaire acquired the microblogging site for $44 billion on April 25.

Binance founder Changpeng "CZ" Zhao referred to the commitment as "a small contribution to the cause".

A small contribution to the cause. https://t.co/xD9XZxOWfL

— CZ Binance (@cz_binance) May 5, 2022

Apart from Binance and Sequoia Capital, 19 other parties have also put side round $7.1 billion with investment firm Fidelity has committed $316 million for the takeover, the report stated.

Saudi Arabian investor Prince Alwaleed bin Talal, who had initially opposed the buyout, also agreed to roll his $1.89 billion stake into the deal rather than cashing out, a filing showed.

This comes as Elon Musk's margin loan was reduced to $6.25 billion from $12.5 billion announced earlier, a Reutersreport stated.

His $21 billion financing commitment was also revised to $27.25 billion.

Musk will continue to hold talks with Twitter shareholders, including founder Jack Dorsey, to contribute shares to the proposed acquisition, the filing showed.

Elon Musk -- a supporter of cryptocurrencies and free speech absolutist -- has been facing a lot of backlash after buying Twitter.

Recently, however, he revealed that he tries to "take these things with a grain of salt".

"Well, it does get to me sometimes, I mean, I'm not like, you know - I do have feelings. I'm not an android," Musk said when asked if the negative comments affect him.

The SpaceX and Tesla CEO also said that his intentions are often misinterpreted as something other than working towards the greater good.

"They say the road to hell is paved with good intentions, but I think it's mostly paved with bad intentions. But every now and again, there's a good intention in there and hopefully, my good intentions do not pave the road to hell," he added.