> So to put it bluntly, if the CCP bought 20% of reddit, reddit can't be distributed, maintained or updated by any US company.

Provided they have more than 1 million MAU (which they do, obviously). The president would also have to affirmatively ban it and report to Congress about the specific threat that company poses, and what assets need to be divested. TikTok is the only company written into the bill by Congress that doesn't require affirmative action by the president, or the report.

> the law very likely could be weaponized by the CCP to get things banned that they don't even own yet

Only if the president believes they should be banned.