Why is the First Name place holder not showing a first name when the Pushpage Issue is sent?
This will happen if you send a Test to Static Users. The reason this does not show a name when its sent as a Test to Static Users is because the Pushpage is not being sent to users on a list which is pulling base off their User ID's which in turn will insert their information into the Pushpage.
In order for it to pull in the actual Placeholder, you would need to use a Distribution Group and send the Pushpage Issue as a live job to that Distribution Group. You can create a Distribution Group with a few users or even just one user you would like to send test Pushpage Issues to live so you can ensure its pulling the correct information.