Ripplewood Investigates False Press Release Claiming Huge Stake in ChatGPT Parent

A false press release claiming that US private equity firm Ripplewood was set to invest $1 billion in OpenAI has caused shockwaves after it appeared on the London Stock Exchange (LSE) website. The fake announcement, which was published on the LSE’s regulatory news site, stated that Ripplewood, based in New York, was planning to integrate OpenAI’s ChatGPT as a key element of its fund, suggesting it could become a “valuable asset” if OpenAI were to go public. The release also mentioned the launch of an AI-supported investment product by the end of 2023 if the deal went ahead.

Ripplewood, alarmed by the misleading information, has since hired legal experts to investigate the matter. CEO Tim Collins called the press release “illegal” and confirmed that the firm had contacted the relevant authorities. He expressed concerns that the press release was part of a scam to deceive the public and trick investors into handing over money to fraudsters pretending to be corporate advisers for AI ventures.

The LSE removed the false press release after confirming it was illegitimate. A spokesperson for the exchange stated that the press release originated from their newswire partner, EQS News, and was promptly deleted upon discovery. EQS also deactivated the account responsible for the release and announced an ongoing investigation.

This incident is part of a broader trend of scammers impersonating American investors, with fraudulent schemes aimed at exploiting the public’s interest in AI and cryptocurrency. In 2022, UK Finance reported over £1.2 billion in losses due to fraud. OpenAI, which owns ChatGPT, remains a part of Microsoft after the tech giant invested $10 billion into the company earlier this year.