Billionaire businessman Lord Alan Sugar has publicly criticized American Express after the financial institution denied his request for a credit limit increase. Sugar, 79, expressed his dissatisfaction on X, formerly Twitter, on Monday, calling the U.S.-based bank "a bunch of idiots."
According to Sugar, he spent an hour on the phone with American Express, being transferred to four different representatives before speaking with someone in the UK. Despite the individual reportedly being aware of his financial standing, the credit limit increase was denied due to the bank's system.
Sugar's public complaint drew criticism from some online users who accused him of "moaning" and expecting special treatment. One user suggested that the general public faces similar situations daily and that Sugar's complaint about needing a credit limit increase, while discussing his wealth, was hypocritical.
Responding to a user who questioned why he needed a credit card if he is worth an estimated £1.3 billion, Sugar stated, "I don't walk around with bags full of cash. I need a credit card to buy things." He also directly addressed critics, reiterating his intention was to "expos[e] what a bunch of idiots Amex are."
Lord Sugar, born in Hackney, East London, rose from a council estate background. He left school at 16 and worked briefly as a statistician before founding his electronics company, Amstrad, at age 21. He achieved significant financial success by mass-producing affordable consumer electronics and later sold his stake in BSkyB in 2007 for £125 million.
His business ventures also include a property investment firm, Amspropr, and a former stake in Tottenham Hotspur football club, which he sold for £47 million. Sugar has been the host of the reality television show "The Apprentice" since its inception in 2005.