Meta Platforms (NASDAQ: META) and (NYSE: SNAP) represent two different ways to invest in the massive social media market. Meta -- which owns Facebook, Messenger, Instagram, and WhatsApp -- is the world's largest social media company with 3.14 billion people accessing at least one of those apps daily. Snap owns Snapchat, which reached 406 million daily active users (DAUs) in its latest quarter.

Snap was once considered a serious threat to Meta as it siphoned away younger users from Facebook and Instagram, but its growth stalled out over the past year. As a result, Snap's stock dipped 3% over the past 12 months as Meta's stock more than doubled.

Should investors stick with the market leader or take a chance on the out-of-favor underdog? Let's review their growth rates and valuations to decide.

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Source Fool.com