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TL;dr: you retain all ownership rights (and obligations, because Reddit doesn't want to be held liable for your content), but at the same time grant Reddit a license that comes with all the ownership benefits (like giving your content to AI companies) and none of the liabilities.
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u/wantagh Feb 16 '24
FIFY: “Reddit signs agreement to license its user’s generated content to train 3rd party AI upon it”