I'm not sure I necessarily see it either. It's not majority ownership. They can't just tell Reddit to censor. On the other hand, you could see it as a conflict

I'm not sure I necessarily see it either. It's not majority ownership. They can't just tell Reddit to censor. On the other hand, you could see it as a conflict of interest. If Reddit thinks they want an additional round of investment later, they might be tempted to do things to ingratiate themselves. Also, people are just very touchy right now about foreign powers trying to influence American public opinion on social media. It already happened once. It's not just a hypothetical risk.