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Summary from the TLDR Marketing newsletter

If Meta is forced to sell Instagram, the split would benefit advertisers but likely harm users. Ad prices would drop as Facebook and Instagram compete, leading to more frequent and repetitive ads on both platforms. Facebook would retain a competitive edge due to its larger audience, pushing Instagram to serve even more ads at lower prices. While the divestiture may boost ad competition, it would not increase user benefits under the FTC's current market definition.