Should the content under Read More be loaded on “inital load”?

Our developer implemented a Read More button which when clicked opens the rest of the text on a category page. The content which is under the button is in the source code (View Source) , but it does not appear in the Inspect In Chrome before the button is clicked.

Is this an issue? I was told all content should be present in the initial load. That means it should be visible in Inspect Tool without clicking on the Read More button right?