I’m not totally against CTOs who code (I like having management that I respect technically) but it sounds like this CTO is pretty clearly doing too much coding and not enough CTO-ing.

Posts like these show why the founding engineer is the most underpaid person in Silicon Valley. This CTO probably has 30% of the company. There’s probably a founding engineer doing 90% of the same work for years (and likely doing the technical bits better) for 1-1.5% of the company max.