Me too.
I had Windows 10 (1511) Pro installed on one computer and THAT ONE computer kept doing this to me, while all the others recognized .jpg files just fine.
Over this past week I did a fresh re-install of Windows 10 (1607) Pro on that same computer and have the same results.
Once Windows 10 MS Paint alters and saves a .jpg file, it can't open it again, however Windows 7 MS Paint and Windows XP MS Paint CAN OPEN that same file created by Windows 10 MS Paint.
Going back to that SAME computer, if go into File Explorer and view it with "Extra Large Icons" I can see it perfectly, and if I pull it up in the Photos App, I can manipulated it and print it perfectly ... but if I go back to MS Paint in Windows 10 (the
very program that created the file) and, just as it did with Win 10 (1511), I get this:

I'm glad to find someone else has the same problem. It's still an unsolved problem, but it's good not to be alone.
Could the problem be staring us in the face? "This is not a valid bitmap file" ??? Don't bitmaps have a .bmp extension instead of a .jpg extension? Is "bitmap" just a generic graphical term ... or ... upon re-opening a file created by Windows 10 MS Paint,
is it by some accidental default expecting a .bmp file no matter if the file has a .jpg extension? This could be a simple programming glitch deep in the source code! It might be worth a look.