I believe a more accurate figure to be $14 million spent on the SB 21 campaign.
And it failed everywhere outside of the northern Kenai Peninsula and Anchorage, sometimes with margins of 3 to 1 in favor of overturning it. Final tally: very close.
That was some grand bullying and extortion. But it also provided the situation for another and especially concerted attack this time on Alaskans' Dividends, further-fraying the social contract we have kept established for all of these decades. And by God should keep as they are. Other than begin putting 50% of royalties, taxes, etc into the corpus. Jay Hammond was right. But he had to compromise. We however, don't. Time to stand on principles and build the principal. We want Permanent and Improved. Not a nest for the state's tycoons. Because that is what and whom is driving this bus of "Privatize the profits, Socialize the losses." Alaska's Future for the already-wealthy. 
The PFD - their Golden Trough. Shameless!
Jay Hammond warned us.....