Well, it seems a bit too wet, but I guess you watered it right before the picture. If you use the search functions, there are a lot of threads that tell you how to grow Cephalotus.
But Cephalotus do NOT like being waterlogged. If they stay too wet, they'll rot, but they come back to life a lot as well. Usually it's adviced not to wet the crown of the plant, and that you should water around the plant. They like airy soils, like my Cephalotus is in 2:1 perlite and peat. What kind of soil is it in?