Is there even the tiniest reason to suspect that the people steering this progress will use it for the democratic good of all?
Wealth in terms of capital doesn't represent material goods, it represents the system's confidence in your ability to direct capital efficiently. But eventually efficient capital bottoms out at consumable goods. Someone like Musk with a lot of capital under his control is contributing to the end goal of unlimited abundance.
The end goal is unlimited abundance (for a handful of people).
Let's not pretend that capital is actually directly efficiently, tulip.
In a free and fair market, his capital would be regarded as a deeply inefficient distortion.