In this situation.....

The situation I'm wondering about came late in a 50$ multi table 25 players left/126 started and my stack was at 7495 blinds 200/400 top 10 pay. Player raises 1000 from middle position, his stack was 6750. i call on the button with AK os. BB goes all in for 2500 total. First raiser calls. I go all in and he calls. BB has TT, First raiser has AJ i have AK, flop comes TJ4. Anyways i end up losing both the side and main pot. Was my play correct? Should i have folded to the reraise? Should i have called preflop and then folded to a bet on the flop? Any advice would be helpful. Thanks.