Especially due to the nature of the tokens, I personally see no problem with him holding any amount. I am almost always majority stakeholder in my owh projects, of course I am the one taking the risk and doing the work!
That said - is there some reason some obfuscation hasn't been made? Multi-accounts, token within a token (like holding stake in a fund that holds these tokens) or some other mechanism? I could probably invent a few more ideas if given an hour to think about it 🤔