Just to check if I follow - is this a red flag because these founders are then not properly incentivized, because their ownership is a sure thing? (Although I guess you could then still argue that the incentive is growing the value of their share.)
It’s a red flag because they could sell their shares and exit way too early. In my experience, said founders basically cashed out at the A round, while everyone else was left to try and grow the company with little to no leadership.