I don't know for a fact, but i suspect this is why IPOs often take a massive shit shortly after. Seed/angels are like the shoddy house flippers of the so called innovation world. This is why the GameStop thing got the police baton so quickly. They don't want it a lot of visibility on the extent to which human civilization is a pump and dump scheme

I once had the opportunity to meet a bunch of actual angel investors. They obviously weren't unintelligent, but they seemed like dunces. They barely, barely cared about the actual pitches. They cared about "we are a blabla bullshit buzzword company, here is an financial modeling excel template up & right." It was fucking eye opening.