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Upon his adoption, Octavius assumed his great-uncle's name Gaius Julius Caesar.
Roman citizens adopted into a new family usually retained their old nomen in cognomen form (e.g., Octavianus for one who had been an Octavius, Aemilianus for one who had been an Aemilius, etc.).
However, though some of his contemporaries did, Historians usually refer to the new Caesar as Octavian during the time between his adoption and his assumption of the name Augustus in 27 BC in order to avoid confusing the dead dictator with his heir.
A later senatorial investigation into the disappearance of the public funds took no action against Octavian, since he subsequently used that money to raise troops against the Senate's arch enemy Mark Antony.
He was born Gaius Octavius into an old and wealthy equestrian branch of the plebeian gens Octavia.
His maternal great-uncle Julius Caesar was assassinated in 44 BC, and Octavius was named in Caesar's will as his adopted son and heir, then known as Octavianus (Anglicized as Octavian).
Philippus claimed descent from Alexander the Great, and was elected consul in 56 BC.
Due to the crowded nature of Rome at the time, Octavius was taken to his father's home village at Velletri to be raised.