This isn't really recoverable. If the board had a spine (they don't), they'd fire him and find a new CEO.
But both correlations reverse after some level of wealth.
Yes, just read the articles about the Democrats losing the working class. There's lot of evidence and analysis in them on your very question.
IIRC, the Democrats have been tuning more and more into educated, affluent people, and those people have been tuning into liberal positions on culture war issues. These are the people who inhabit the influential positions of the party, and they set the agenda to resonate with themselves (e.g. student loan forgiveness). That caused them to lose sight of the traditional working class, and thus shed working class support.
I can't find a source right now but I think there's some lines to draw between jobs we consider "prestigious" and party affiliation but it's not the same line to draw with wealth, i.e. a professor is considered a more prestigious role than a plumber even though the plumber likely makes more.