I don't think there's the concept of first author in theoretical CS? All the papers I've seen there follow the same practice as in Math, where authors are just alphabetical.
That's another matter entirely. Yes, authors don't always bring equal contribution and effort into an academic work. But, here it's someone claiming that not being first author is a major deal, or bears any significance at all, when in fact it doesn't.
I read the claim that not being first author (who in may, but not all—IIRC, e.g., biosciences are different—other fields is normally the person who is the administrative point) means less irreducible management overhead limiting total throughput, in response to a comment indication that the shear administrative overhead of the number of publications seemed prohibitive.