$14,715,000 Contingent Income Auto-Callable Securities, with 6-Month Initial Non-Call Period Based on the Performance of the Class B Common Stock of ViacomCBS Inc. due May 02, 2024, priced on April 28, 2021, were issued by Morgan Stanley Finance LLC. The pricing supplement for this note (CUSIP: 61771VWX4) can be found here. The notes had a $1,000 face value and paid a quarterly coupon of $26.325, so long as the notes had not been called and and ViacomCBS all closed above 60% of their April 28, 2021 closing prices on a determination date. If and ViacomCBS closed below 60% of their April 28, 2021 closing prices on a determination date, the notes did not pay a coupon. If not previously called, at maturity, the notes returned $1,000 in principal if and ViacomCBS all closed on the final determination date on April 29, 2024 and above 60% of their April 28, 2021 closing prices. If on April 29, 2024 and ViacomCBS closed below 60% of their April 28, 2021 closing prices, the notes paid reduced principal euqal to $1,000 multiplied by the lowest ratio of and ViacomCBS April 29, 2024 closing prices to their April 28, 2021 closing prices. The notes have matured. They paid three coupons totaling $105.300 and $295.68 repayment per $1,000 note. Investors thus suffered capital losses of $704.32 and net losses of $599.02.† In the aggregate, investors in this note suffered $10,364,077 in capital losses and $8,814,587 in net losses. See Table 1 and Figure 1.
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