Chinese tech giant Xiaomi gave its CEO $1.5bn in bonuses

Chinese smartphone maker Xiaomi gave its CEO and founder Lei Jun over one billion dollars in one of the largest executive bonuses in history.

According to the Wall Street Journal report, CEO Lei Jun received $1.5 billion bonus to "reward him for his contributions." Citing a source familiar with the matter, the Journal reported that the massive payout doesn't have any strings attached, and isn't tied to any future performance goals, nor to how well the company's does when it launches its planned initial public offering in early July.

The $1.5 billion bonus surpasses some of the largest stock awards from tech companies reported Business Insider, including Snapchat CEO Evan Spiegel's $638 million bonus in February, which at the time was the biggest stock award since at least 2011.

Tesla CEO Elon Musk, is also in line to gain $2.6 billion in stock awards over the next decade— but only if the company meets certain milestones.