Hi rachelford, I think your elephant bush is doing okay. I see new growth on lower part of the branches. If it is dropping lower leaves, that is just natural. It goes in that cycle, as it tries to push new growth elsewhere either at the tips or anywhere up and down the stem/branches.
Just don't be tempted to overwater. They are quite drought tolerant once acclimated. Are you growing this plant indoors? You may want to position it nearer to a windowsill for my light. Or if your temperatures permits it, like overnights no longer going below 45-F50F, you can bring it out to enjoy natural light and better air circulation too, but do it slowly, part shade first.
Ooops..am I looking at your plant's photo or is that Debbie's? If the stems of your plant seems dying, I would try and check root condition, check you media, is it well draining enough. I normally repot new plants with my own succulent media with added pumice, just so I know the actual condition of the roots. Sometimes, plants sold at the stores are in a more peaty mix which in time chokes up the roots. I prefer to keep media well draining and open. This plant has a shallow root base, so it needs to drain fast after being watered. I try to use shallow and wide containers rather than deep ones, so that it does not take long for the media to dry out.
and thats a fact!
They look like Flowers in the snow!
to ATP! I have this plant or a similar type and have noticed it doesn't like cold at all, my other tender succulents I can have them in windows or whatever, this one I have to keep on an interior shelf with a grow light rather than sunshine because the window areas get too cold for it. I lost 2 different times and replaced because it is pretty! I do move it outdoors when night temps are consistently in the 50's (another week or so for me here in Seattle) It could also be that because Seattle has so much moisture in the air that my plant needs higher temps. 
