Any hope for a (probably dead) Ponytail Palm

Hi all, I'm wondering if there is any hope for this Ponytail Palm. I got it several months ago, and it's only been going downhill since I bought it. I initially was underwatering it (and consulted with the nursery I got it from) who recommended to water it more thoroughly than I had been. I also repotted it into succulent soil to improve its drainage, and made sure at the time there was no root rot. It appears to have good drainage at this point.

It has lost all of its leaves, and does not appear to be growing. I scratched a bit of the bark off, and it was wet inside but fairly brown-ish (but not soft like it was rotten). The caudex is fairly soft, and I've scraped a good portion of the bark off, scraped any rot off, and covered it with cinnamon to prevent any further rot. The roots on the top look healthy-ish, but some on the bottom appear brown. Should I wait for it to dry out further, toss it, or start watering it again in hopes it recovers?

Thank you for your help!

 

I wouldn't say there's much hope, but we'll need others who have grown it to concur.