The shares of the American Technology giant, Apple closed at a record high on Tuesday at the level of $423.24 after breaching its earlier record of $422.24, which was set on 18 October, 2011.

The shares of the company had fallen to the level of $363.57 in late November, but it began its growth boosted by improved economic signals. The shares have risen 12 percent since the death of cofounder and chief executive, Steve Jobs on 5 October.

The new record comes a day after the company said in a filing that Apple current CEO, Tim Cook received a pay package valued at $378 million last year, which includes one million shares of restricted stock. Cook's 2011 earnings have made him the highest earner among boardroom leaders.

He received $900,017 in salary during 2011 and additional $900,000 in cash through an incentive scheme from the company. However, most of the earnings are expected to come from the one million windfall shares of Apple.

Cook had received shares worth $376m on 24 August, 2011 to mark his promotion. Half of these shares will be given to him in 2016 and half in 2021. analysts say that the value of these shares will be much more than their present value at that time.

Apple has remained the second largest company in the US behind only Exxon Mobil Corp.