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Bill Miller

Scott Mlyn | CNBC

(This story is for CNBC Pro subscribers only).

Value investor Bill Miller said Friday that passing on an early investment in high-flying Tesla was one of the biggest mistakes of his career.

The electric vehicle company’s market cap surpassed Facebook’s on Friday, making Tesla the fifth most valuable company by that measure in the S&P 500. The head of Miller Value Partners said on CNBC’s “The Exchange” that he almost invested in the company years ago, before its dramatic rise.