General Motors' (GM) common stock "is probably not worth anything," said Jim Cramer on Monday's "Stop Trading!" segment on CNBC.

Former CEO Rick Wagoner's "whole goal was to preserve the common stock, and that's just not the ballgame," said Cramer.

Cramer said he struggles with whether he should say on air that the common stock is worthless because "for those who are speculating on it, if it goes to $3, they'll say, 'Well, why did you keep me out of it?'"

"It's a nice lottery ticket," he said. "Maybe somebody feels that the common stock prevails and it goes to the unions not the banks." He said he doesn't think that will happen, but he's "wary" to say people shouldn't speculate on it. "That's part of what they do," he said.

At the time of publication, Cramer had no positions in stocks metioned.

Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS. Watch Cramer on "Mad Money" weeknights on CNBC. Click here to order Cramer's latest book, "Mad Money: Watch TV, Get Rich," click here to order his book, "Real Money: Sane Investing in an Insane World," click here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here.

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