$Alphabet(GOOG)$ The bear case for Google isn't really about shareholders getting hurt by a breakup. If Alphabet were forced into a structural antitrust split or spin-off, existing stockholders would end up with proportional shares in the new independent companies created from the separation. In a typical spin-off or divestiture, shareholders keep their original stake in the parent while also receiving shares in the newly separated entities, similar to how the AT&T Baby Bells worked. There's a common view that breaking up tightly integrated tech conglomerates can unlock shareholder value, since the individual units would trade on their own earnings and growth multiples. For now, a federal court rejected the sweeping proposals to split off Google's core search and Chrome operations, choosing operational and data-sharing restrictions instead.