Despite the recent "blip" in the company's shares, Tesla bull and CEO of ARK Invest Cathie Wood is confident in her investing firm's $3,000 price goal for TSLA stock in the next five years.

"Of course, as soon as the stock reacted to that news, the momentum players bolted and followed it down." We've been collecting profits on the way up and getting a lot of flak for it, and this is nothing more than a hiccup for us," Wood told Bloomberg.

Elon Musk sold some of his Tesla stock last week, which caused the stock to drop by around 14%. As Elon Musk continues to sell more Tesla stock, the stock price may fall even more this week. Musk was about 30% of the way through selling his stocks as of November 12th.

Musk confirmed that his low basis share sale rate is intended to get Twitter's tax rate closer to the maximum. Musk's choice to share sales, according to Wood, is a wise one.

"He has been quoted as stating, 'I was the first in, and I'll be the last out.' Despite this, he faces a massive tax burden due to stock options. I'm sure he didn't want to put his stock up as security for any additional loans, so I think that's reasonable.

"As a shareholder, I don't want him to feel under pressure; I want him to feel safe, and in good form so he can do his job," Wood said of Musk.

Woods started in September that her base case for Tesla is $3,000.

"Our forecast for Tesla's success has improved. Their market share is the key cause behind this. Instead of declining from the end of 2017 to the present, it has risen considerably," Wood noted.

Tesla was trading around $733 at the time, and it would have to rise more than 300 percent to hit Wood's price target. Tesla's valuation would be $3 trillion at a $3,000 per share price, an accomplishment that may have appeared impossible to some at the time.

On the other hand, Tesla surpassed a $1 trillion valuation in October after Hertz purchased 100,000 Model 3 vehicles for its rental fleet. Tesla's stock price has since soared, approaching pre-stock split levels until Elon Musk stated he would be selling some of his shares.