Trainers who obtain a Tera Orb are able to use it to Terastallize their Pokémon, which makes a Tera Jewel appear above the Pokémon's head, causes the Pokémon's body to glisten like gems, and changes the Pokémon's type(s) to its Tera Type, removing all other types.
Terastal phenomenon (Bulbapedia)
Terastallizing doesn't work like Trick-or-Treat or Forest's Curse. Your Veluza would drop both its types and become a pure Normal type, and the same would be true for any Pokemon, regardless of how many types it had before Terastallizing.
However, you still have the STAB effects of your previous types.