An antitrust trial against Meta Platforms (NASDAQ:META) has put the company's segments, such as Instagram and WhatsApp, into the spotlight, as the company could be forced to divest these units.

A Benzinga reader poll shows a potential break-up could be a value unlock for Meta Platforms as they share which new unit they would want to own.

What Happened: An antitrust trial by the Federal Trade Commission could cast a shadow over Meta Platforms, with its first-quarter financial results due Wednesday after the market close.

The trial accuses Meta of using a "buy or bury" strategy to acquire competing companies, such as Instagram and WhatsApp. The trial highlighted how Meta also considered buying Snap Inc. and has shut down some of the companies it previously acquired.

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While a forced spinoff or breakup for Meta Platforms might sound like a bad thing, it could ultimately unlock shareholder value through a sum-of-parts valuation. This could allow each unit to trade at higher multiples and highlight individual growth.

Benzinga recently asked readers if they think Meta could be worth more under a spinoff or break-up plan from the FTC.

"Meta Platforms could be forced to sell or spinoff Instagram and WhatsApp. If the spinoffs/sales happen which do you think describes what happens next?" Benzinga asked.

• Sum of parts greater than current $1.27 trillion market cap: 50%
• Sum of parts less than current $1.27 trillion market cap: 28%
• Meta, Instagram and WhatsApp worth $1.27 trillion together still: 22%

The survey found that half of Benzinga readers believe Meta stock could be worth more with a forced spinoff or breakup.

Benzinga readers were also asked which future Meta unit they would most want to own if a breakup were to happen.

"If Meta splits into three separate companies, which would you be most interested in owning?" Benzinga asked.

• Instagram: 43%
• Meta Platforms/Facebook: 35%
• WhatsApp: 23%

The poll found that Instagram would be the most coveted asset if traded individually.

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Why It's Important: Meta acquired Instagram for $1 billion in 2012, beating out a bid of $500 million previously offered by Twitter.

At the time of the acquisition, many experts questioned the premium valuation given Instagram's 30 million users and limited revenue.

Since the acquisition, Instagram has become one of the most important growth segments for Meta with around two billion users and hundreds of millions of daily active users.

A break-up could see Instagram get a premium valuation given its higher growth and more monetization opportunities compared to the legacy Facebook brand. Of course, the Meta Platforms/Facebook company, under a new model, could have more of the company's AI technology and platforms, which could also receive a premium valuation.

Meta has argued against the antitrust allegations, highlighting competition from TikTok and YouTube, which is owned by Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL). The trial remains active and will ultimately decide if Meta is forced to make any moves.

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The study was conducted by Benzinga from April 23, 2025 through April 28, 2025. It included the responses of a diverse population of adults 18 or older. Opting into the survey was completely voluntary, with no incentives offered to potential respondents. The study reflects results from 100 adults.

Photo: Shutterstock

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This article EXCLUSIVE: If Meta Is Forced To Divest Instagram, WhatsApp, Or Facebook, 43% Pick This Standout originally appeared on Benzinga.com