Jim Cramer isn't exactly sold on hyped-up IPOs like WeWork: “Give me something that works,” he said.
on Monday told investors to beware hyped-up IPOs such as WeWork and Uber with overly ambitious mission statements that don't accurately reflect their actual businesses.
"How about Peloton? Do we want shares of Peloton? See, here's what I think happens [with unicorns]. First we think Uber is a platform, then it turns out to be a cab company. Then we think that [WeWork CEO Adam] Neumann is about the new way to have real estate. Then we think it's just a realtor. Now Peloton, they're saying it is an eight ways platform. Can I tell you what Peloton is? It is a way to hang your towels up.
, far from the once expected $120 billion. The shares are trading at $32.61 on Monday after going public at $45.
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